According to a report by The Punch on Saturday March 14, 2026, a major crisis is brewing in Nigeria’s energy sector as the Dangote Petroleum Refinery hiked its ex-depot petrol price to N1,175 per litre on Friday.
This upward review comes just days after a brief price cut, with the refinery citing the surge in global crude oil prices—now hitting $100 per barrel—due to escalating tensions between the US, Iran, and Israel.
The price hike has coincided with a heated disagreement among oil marketers over the Federal Government’s decision to stop issuing petrol import licenses.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently confirmed that no new licenses were issued for the first quarter of 2026, claiming local production now meets national demand.
Independent marketers (IPMAN) have thrown their weight behind the ban, arguing that relying on Dangote Refinery protects Nigeria from international supply shocks.
IPMAN Vice President Ahmed Fashola warned that without local refining, petrol could have soared to N4,000 per litre due to Middle East hostilities.
However, major dealers are sounding the alarm over a potential monopoly and supply shortfalls. They pointed out that while Nigeria consumes about 56 million litres daily, NMDPRA data shows local refineries supplied only about 36.5 million litres per day in February.
These marketers argue that the 20-million-litre gap proves the country still needs imports to maintain stability and prevent a total market takeover by a single player.
For now, many depots have temporarily halted sales to adjust to the new N1,175 price, leaving motorists worried about another round of fuel queues......…