A storage tank at Dangote Refinery.
The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit also known as petrol by ₦75, pushing the cost to about ₦1,350 per litre from the previous ₦1,275.
Naija News reports that the latest adjustment follows an earlier hike in April 2026, when the refinery moved the price to ₦1,275 per litre due to changes in global oil market conditions.
The new increase is coming as petrol prices across Nigeria continue to rise, with many filling stations already selling close to ₦1,400 per litre in some areas.
The steady rise in fuel cost is linked to global crude oil prices, foreign exchange pressure, and supply challenges, which has continued to affect pricing in the deregulated downstream sector.
The latest adjustment was confirmed on Wednesday by a senior official of Dangote Refinery and pricing platform, Petroleumprice.ng.
Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has ruled out the return of fuel subsidy, saying the Federal Government will not reintroduce a policy it believes created distortions in the economy.
Oyedele stated this on Tuesday in Paris, France, during a meeting between President Bola Tinubu and global investors.
The minister said the government would also not impose price control on petrol, insisting that the administration believes the market should be allowed to regulate itself.
He said, “We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market. The situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets.”