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Nigeria will not return to the ruinous era of fuel subsidies or state-mandated price controls. Finance Minister Taiwo Oyedele confirmed this stance to global investors in Paris this week. He argued that subsidies create economic distortions that the country can no longer afford. The government remains convinced that market forces are the only credible way…
Aliko Dangote’s refinery has scrapped its brief attempt to raise the price of petrol at its gates. On Wednesday, the firm reversed a N75 increase that had pushed the depot price toward N1,350 per litre. The cost for marketers has now returned to the N1,275 benchmark. This pivot follows a week of confusion that saw…
The National Bureau of Statistics reports that average retail petrol prices fell by 15.6 per cent year-on-year by February 2026. Data confirms the average cost reached ₦1,051.47, down from ₦1,245.80 in February 2025. This annual decline suggests a slight cooling in the downstream oil sector since the shock of the 2023 subsidy removal. Yet, the…
The Dangote Petroleum Refinery has raised its petrol price to N1,275 per litre, marking the fifth adjustment this month. This latest hike came just hours after a previous increase on Friday night, signalling extreme volatility in Nigeria’s deregulated market. The new rate is a N100 jump from the N1,175 seen earlier in March. Every previous…
The Nigeria Labour Congress has called on the Federal Government to deploy projected oil revenue windfall from the ongoing Middle East crisis to protect Nigerian workers and citizens from the economic impact of petrol prices that have surged to between N1,170 and N1,300 per litre across the country. In a statement issued Thursday by…
