The Dangote Petroleum Refinery has revised the price of Premium Motor Spirit (PMS), popularly known as petrol, back to ₦1,175 per litre, only hours after announcing a reduction in the cost of the product.
The sudden price adjustment has forced depot operators across Nigeria to temporarily suspend sales as they await clarity on the new pricing structure.
Earlier, the refinery had reduced its ex-depot price of petrol by ₦100, bringing it down to ₦1,075 per litre on March 10, 2026, from the previous ₦1,175 per litre.
Following that reduction, depot operators had begun selling the product at an average of about ₦1,100 per litre before the refinery reversed the price back to ₦1,175 per litre.
The development immediately triggered a pause in transactions by depot owners while the refinery also temporarily halted loading operations to reconcile stock levels and adjust to the updated pricing framework.
Industry sources say the latest price revision is linked to the rise in global crude oil prices, with Brent crude increasing from about $91 to $100 per barrel, a change that significantly affects refining costs.
Meanwhile, the Federal Government of Nigeria has stated that it will not intervene in the pricing of petrol despite the volatility in global oil markets triggered by escalating tensions in the Middle East.
The Minister of Finance, Wale Edun, disclosed this during an interview on Channels Television, noting that the government would instead introduce measures aimed at cushioning the impact of rising energy costs on Nigerians.
According to Edun, the government plans to expand the adoption of compressed natural gas (CNG) for vehicles as an alternative to petrol.
He added that Bola Ahmed Tinubu has already approved the distribution of 100,000 additional CNG conversion kits to enable more motorists switch from petrol-powered vehicles to CNG.
Edun explained that CNG currently costs between 25 and 30 per cent of the price of petrol, making it a significantly cheaper alternative for vehicle owners.