.Dangote Refinery hikes ex-depot petrol price to N1,175, assures steady supply
.As Agric Minister says cost of major food prices down by 50% nationwide
.Agriculture remains backbone of economy —- FG
UGO AMADI AND NJEMANZE EMMANUEL, Abuja
Fuel prices in Nigeria have experienced a significant surge as of the second week of March 2026, with Premium Motor Spirit (PMS) prices crossing the N1,000 per litre mark in many parts of the country and diesel prices jumping to around N1,620 per litre.
This sharp increase, the third within a week, has led to long queues at filling stations as consumers struggle with the new, higher prices.
The cost of goods and services across Nigeria is expected to rise further following a fresh increase in petrol prices after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within a week.
Following the latest adjustment by the Dangote Refinery, the gantry price for PMS was raised to N1,175 per litre. Consequently, pump prices at filling stations in Lagos, Abuja, and other regions have surged to between N1,025 and over N1,300 per litre. The price of Automotive Gas Oil (diesel) has also increased significantly, reaching N1,620 per litre.
Unfortunately, Long queues have returned to filling stations in Lagos, Abuja, Ibadan, and other cities, as motorists scramble for fuel, with some stations shutting their gates due to supply constraints.
Black Market Prices: In some areas, black market prices have reportedly reached as high as N1,300 to N1,500 per litre.
However, the rise in fuel prices is largely attributed to surging global crude oil prices, which crossed the $110 per barrel mark, driven by escalating conflicts in the Middle East.
Logistics and Supply Issues: The Nigerian National Petroleum Company Limited (NNPC) reported a “hitch in the discharge operations of a couple of vessels,” resulting in a temporary supply shortage.
Third-Party Disruptions: While the Dangote Refinery has promised to prioritize the local market, the sharp rise in raw material costs and the global market’s impact on local production costs have driven prices higher.
Impact on Consumers and Economy: Transportation Fares: The increased cost of fuel has resulted in a significant rise in transportation fares across major cities, with commuters experiencing hikes of over 50% in some areas.
Inflationary Pressure: The continued rise in energy costs is expected to worsen the cost-of-living crisis and increase inflationary pressures on food and other goods.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that the price of petrol could rise further, potentially reaching N2,000 per litre if the global crisis persists.
A senior official of the refinery, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed the adjustment to our correspondent, stating that the revision had already been communicated to marketers and depot operators.
“Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre,” the official said.
“The market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in.”
Checks by our correspondent on the industry pricing platform, petroleumprice.ng showed that the revised rates had already been updated across petroleum depot pricing systems, indicating a shift in the benchmark price used by downstream marketers.
The new price is the third surge in petrol prices within a week, following adjustments that pushed gantry prices from N774 to N995 per litre. As a result, retail pump prices in several states now exceed N1,000 per litre, as some stations now dispense petrol at about N1,200/litre, intensifying economic pressures on Nigerians.
The latest hike is expected to trigger another round of increases at filling stations nationwide, as higher fuel costs typically translate into higher transportation, logistics, and production costs for businesses.
It also betrays efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the Dangote Petroleum Refinery through third-party international traders, in a bid to sustain domestic refining operations.
Officials, however, warned that the intervention may not immediately translate into lower petrol prices for consumers. Nigerians currently grapple with high fuel prices, following the recent hikes in the cost of the commodities by the $20bn Lekki-based refinery.
However, the Managing Director of Dangote Petroleum Refinery, David Bird, has reassured Nigerians that the refinery will continue to meet the nation’s fuel needs despite ongoing disruptions in the global oil and gas market.
He noted that while fuel-import-dependent countries are already experiencing panic buying and rationing, Nigeria will not face such challenges again as the refinery is committed to ensuring petrol availability across the country.
Speaking during a media chat, Bird said the refinery remains steadfast in supplying uninterrupted fuel to the Nigerian market even as geopolitical tensions in the Middle East drive sharp increases in crude oil prices, freight rates, and insurance costs.
According to him, the global oil market has seen an extraordinary surge within a short time. “Just a week ago, oil was trading in the mid‑$60 range, and it has now climbed to nearly $120 per barrel,” he said, adding that the shock has affected every segment of the world’s energy supply chain.
Bird explained that, like all players in the global refining industry, Dangote Refinery is exposed to fluctuations in crude prices, freight charges, and insurance premiums. However, he stressed that Nigeria now enjoys a critical advantage: supply security made possible by domestic refining capacity.
“What would be worse than $120 oil is no oil,” he stated, pointing out that some countries are already implementing rationing because they rely completely on imports.
He added that several nations with significant refining capacity have begun restricting fuel exports to safeguard local supply amid the ongoing global supply shock.
Bird emphasized that as long as the refinery continues to receive Nigerian crude through the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL), it will sustain its supply to the domestic market.
“With government support and steady access to domestic crude, Dangote Refinery will continue to meet all of Nigeria’s refined fuel requirements,” he assured.
He revealed that the refinery is running at its full nameplate capacity of about 650,000 barrels per day—making it one of the world’s largest single‑train refineries. The facility can produce between 50 million and 55 million litres of petrol daily, with the ability to increase output through blending if needed.
Nigeria’s daily petrol consumption is estimated at 35 million litres, Bird noted, underscoring that the refinery has more than enough capacity to meet national demand.
He further stated that the refinery is prioritising supply to the Nigerian market to guarantee what he described as “fuel abundance.” “We will ensure that Nigeria enjoys fuel abundance, not fuel scarcity,” Bird affirmed.
However, he cautioned that pricing will still be influenced by global market conditions, as crude used by the refinery is purchased at international benchmark rates even under the crude‑for‑naira arrangement.
“Pricing is determined largely by global commodity markets,” he explained, adding that decisions about fuel price interventions rest with the government.
Bird concluded by noting that the refinery, which commenced sustained operations in early 2024, has significantly improved performance following maintenance and optimisation activities carried out earlier in the year.
.As Agric Minister says cost of major food prices down by 50% nationwide
In another development, the Minister of Agriculture and Food Security, Sen Abubakar Kyari has revealed that the prices of essential food commodities have dropped by 50% nationwide, in fulfillment of President Bola Ahmed Tinubu’s mandate to achieve food security.
The Minister disclosed this during the Quarterly Citizens/Stakeholders Engagement Retreat on Agricultural Transformation, held at Yar’ Adua Centre in Abuja on Friday, 6th March, 2026.
He said that since the present administration assumed office, food security has being a top priority, acknowledging the critical role the Ministry played in maintaining national stability and sovereignty.
Kyari pointed out that, “to achieve this, we focused on boosting local production and reducing our reliance on imports, with the ultimate goal of making affordable, nutritious food accessible to all Nigerians.
Our efforts are starting to pay off, with a notable impact on food prices”.
“This is in contrast to previous years when food prices skyrocketed, way beyond what most Nigerians could afford.
These efforts reflect our commitment to improving food security and the overall well-being of citizens.
We are working to sustain this trend by addressing high input costs to ensure food remains accessible and affordable”.
The Minister further stated that, “our strategic focus on developing key value chains is positioning Nigeria as a major player in global agricultural market.
We have prioritized and developed the rice, maize, wheat, millet, sorghum, yam, cocoa, kenaf, cowpea, cassava, soybeans, cotton, onion, FMAFS tomato, and oil palm value chains, thereby creating opportunities for millions of smallholder farmers and other stakeholders”.
“The provision of high-quality seeds, agrochemicals, safety kits, pest and disease management packs, coupled with capacity building initiatives undertaken in years 2024 and 2025 has significantly bolstered our agricultural value chains.
These interventions have empowered farmers to boost productivity, reduce losses, and improve product quality, ultimately enhancing their livelihoods and contributing to a more robust agricultural sector.
By enhancing their productivity, we have helped these farmers to transition from subsistence farming to thriving agribusinesses, contributing to national food security, employment generation, and economic growth”, the Minister added.
Speaking further, Kyari stated that in the last two years, the Federal Government has boosted agricultural productivity and food security through various initiatives.
Key achievements include the distribution of over 1.9 million bags of fertilizers to nearly 1 million farmers, promoting sustainable soil management with 12,000 liters of organic fertilizers, and strengthening regulatory frameworks.
We have made notable collaborations and partnerships with Russia, Turkiye, India, and Canada to enhance fertilizer production and technology transfer.
He added that, 109 fertilizer inspectors were trained and equipped, and over 329 industry stakeholders were trained on regulatory compliance.
Efforts have been made to curb fake fertilizers from our markets through persecution of offenders.
We have constructed a National Reference Laboratory and upgraded the National Fertilizer Management Platform to enhance fertilizer quality control, ensure regulatory compliance, and promote transparency in the fertilizer supply chain.
Over 3,500 farmers were trained on organic fertilizers and soil management, promoting sustainable agriculture practices.
Kyari revealed that the 2025 Agricultural Performance survey carried out by the National Agricultural Extension and Research Liaison Services (NAERLS) in collaboration with Ministry, other relevant agencies, and NGOs highlighted steady growth in Nigeria’s agriculture, with rice, maize, sorghum, millet, cowpea, yam, and cassava all recording higher outputs compared to 2024.
These production gains were driven by modest expansions in cultivated areas, improved farming practices, and resilience across major producing states, reinforcing food security and sustaining agro-industrial value chains.
He noted that the findings from the survey remain an essential tool for assessing the sector performance, guiding policy decisions, and advancing Nigeria’s food security agenda.
Adding that efforts have been made to create a conducive environment for agribusinesses to flourish nationwide amongst other things.
The Minister, therefore, called on stakeholders to prioritize agriculture as a key driver of economic growth, “our efforts are yielding results.
While challenges persist, we are working tirelessly to overcome them.
However, achieving these goals requires a collective effort, sustained energy, partnership, and alignment of our initiatives and resources.
We will continue to collaborate with stakeholders, leveraging resources and expertise to drive growth and transformation in Nigeria’s agricultural sector.
Together, let us build on our achievements and tackle the challenges ahead”.
In his remarks, the Minister of Information and National Orientation, Mohammed Idris. FNIPR said that the gathering reflects the governing philosophy of President Bola Ahmed Tinubu, which is rooted in transparency, participation and accountability, noting that governance must not operate in isolation from the people.
In his words, “it must be open, responsive and anchored on dialogue. Today’s engagement is therefore not just an event, it is a demonstration of this administration’s commitment to keeping Nigerians informed and involved”.
He noted that the Ministry of Information and National Orientation remains committed towards ensuring that Nigerians understand the direction and purpose of these reforms.
“Our role is to bridge the gap between policy decisions and public awareness. Communication is not propaganda, it is accountability, it ensures that citizens are informed about government initiatives and are given the opportunity to ask questions and receive feedback”, the Minister stressed.
Earlier, the Permanent Secretary, Federal Ministry of Agriculture and Food Security, Dr. Marcus Ogunbiyi stated that the gathering underscores a fundamental principle of governance that Agriculture and Food Security is not the responsibility of government alone.
He said it’s a shared national endeavor that recognizes that farmers, processors, civil society, development partners, private actors, the media and the citizens are critical partners in shaping a resilient, productive and inclusive agrifood system.
He added that the primary goal of the engagement was to foster a strong and enduring partnership aimed at strengthening open and transparent communication channels where recommendations are carefully considered, concerns are heard, and questions are addressed.
This is to ensure that policies and programmes are informed by practical insights, field experiences and technical expertise.
