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Nigeria fuel prices face volatility amid rising Brent crude and refinery shifts
Nigeria's fuel market is experiencing significant volatility driven by rising global Brent crude prices, which have climbed above $95 per barrel due to geopolitical tensions in the Middle East. This surge has increased the landing cost of Premium Motor Spirit (PMS), leading to rising pump prices at various filling stations across the country.
In response to these market pressures, the Dangote Refinery recently increased its gantry price to N1,265 per litre. The refinery has also moved to restrict petrol sales to six major marketers who hold active import licences issued by the NMDPRA, prioritizing sales to those without such licences to protect domestic refining capacity.
Despite the current upward trend in costs, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated that petrol pump prices in the Federal Capital Territory may decrease in the coming days as new petroleum products enter the market. Meanwhile, data from the NMDPRA shows that modular refineries contributed a relatively small portion of the total diesel supply in July 2026, providing only 18.35 million litres.
Entities
Dangote Petroleum Refinery · Dangote Refinery · Eswatini · Independent Petroleum Marketers Association of Nigeria · MRS · Matrix Energy · NIPCO · Nigeria · Nigerian Midstream and Downstream Petroleum Regulatory Authority
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] IPMAN expects petrol pump prices to decrease in the coming days as new products enter the market. newscentraltv.com · www.nigerianeye.com · www.thegeniusmedia.com.ng
- [● 2 SOURCES] The Dangote refinery increased its PMS gantry price to N1,265 per litre effective August 29. newscentraltv.com · www.nigerianeye.com
- [○ 1 SOURCE] Dangote Refinery has restricted petrol sales to six marketers holding active import licences issued by the NMDPRA. tribuneonlineng.com
- [● 5 SOURCES] Brent crude oil prices climbed above $95 per barrel. businesselitesafrica.com · www.oilandgas360.com · www.thegeniusmedia.com.ng · nairametrics.com · www.tunisiaonlinenews.com
- [○ 1 SOURCE] Modular refineries supplied 18.35 million litres of diesel in July 2026. punchng.com