The management of Dangote Refinery has explained that the current high petrol prices across Nigeria are largely influenced by global market conditions and challenges in crude oil supply.
Despite the launch of domestic refining, expectations that local production would bring down pump prices have been tempered by external factors, including geopolitical tensions in the Middle East.
Speaking on Arise Television, the refinery’s Managing Director, David Bird, said the facility operates fully within global market dynamics without subsidy support. “Fuel pricing is fully exposed to global forces, making it susceptible to fluctuations caused by international developments,” he explained.
Bird also noted that multiple cost factors—including crude oil prices, freight, and insurance—continue to put pressure on retail pricing. While efforts are made to maintain stability, these global cost components affect overall petrol prices.
A market survey conducted on Wednesday, March 25, 2026, revealed that recent declines in international crude prices have not yet translated into lower retail petrol prices in Nigeria. Petrol currently averages around N1,300 per litre nationwide, following a nearly 20% increase last week when crude prices surged internationally.
Acknowledging the economic strain, Bird described the situation as part of a broader cost-of-living crisis, adding that even if global conflicts were resolved immediately, supply chain disruptions would continue to affect prices.
