Storytimes Newspapers

  Nigerians continue to grapple with high fuel costs despite a recent downward adjustment by the Dangote Petroleum Refinery, as the ongoing Middle East conflict keeps global oil markets volatile. On March 10, 2026, the refinery issued a new pricing template reducing the gantry price of Premium Motor Spirit (PMS) by ₦100 to ₦1,075 per litre from ₦1,175. Petrol supplied via coastal/waterways routes was set at ₦1,050 per litre. Automotive Gas Oil (diesel) also dropped to ₦1,430 per litre, a ₦190 reduction. The move followed a decline in global crude prices to about $88 per barrel from highs around $110, influenced by developments in the Middle East war (including U.S., Israel, and Iran tensions) and statements signaling potential de-escalation. However, retail prices at filling stations across states remain elevated at approximately ₦1,300 per litre. Depot prices hover between ₦1,190 and ₦1,200, but marketers have not adjusted pump prices downward. This lag has drawn criticism, with t...

  Nigerians are grappling with intensified economic strain as the pump price of Premium Motor Spirit (PMS), commonly known as petrol, has surged to around N1,300 per litre in many parts of the country. The sharp increase, reported nationwide on March 9–10, 2026, follows rapid adjustments by the Dangote Petroleum Refinery and independent marketers, triggered by escalating conflict in the Middle East involving the United States, Israel, and Iran. Global crude oil benchmarks have rallied sharply, with Brent crude surpassing $100 per barrel amid fears of supply disruptions. This volatility has directly impacted Nigeria's deregulated downstream sector, where local refineries and importers pass on international market realities. Dangote Refinery, the country's flagship domestic producer, raised its ex-depot price for petrol from N995 to N1,175 per litre in the latest adjustment—the fourth in under two weeks. Diesel followed suit, climbing to N1,620 per litre. Marketers purchasing at ...