A senior refinery official confirmed the price review, saying the change was driven by rising global crude oil costs and higher replacement expenses.
The adjustment comes as international crude prices climbed above $80 per barrel, prompting the refinery to temporarily suspend petrol loading operations from midnight on March 2, 2026. The suspension affected petrol supply and proforma invoice issuance, although diesel production and loading continued without disruption
The price change is already reflected on local fuel pricing monitoring platforms, signaling possible downstream market adjustments that could push retail petrol prices higher across the country.
The development has already begun affecting Nigeria’s downstream sector, with some private depot operators reportedly halting petrol sales during trading hours as they wait for clearer pricing signals.
Meanwhile, legal proceedings between the refinery and the Nigerian National Petroleum Company Limited and other parties over a ₦100 billion lawsuit have been adjourned to November 5, 2026, as the dispute continues in court over industry and regulatory matters.
