fuel updates

Crude oil prices fell further on Wednesday after a record 19 million barrels of crude reportedly passed through the Strait of Hormuz in a single day, a development that reinforced market confidence that supplies from the Middle East are returning to normal following weeks of geopolitical uncertainty.

Global oil prices surged on Wednesday as renewed military confrontation between the United States and Iran intensified concerns over potential disruptions to crude exports from the Middle East, one of the world's most critical energy-producing regions.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said Nigeria’s petrol market could have faced an extreme price escalation of between ₦5,000 and ₦6,000 per litre without the stabilising role of the Dangote Refinery, amid renewed geopolitical tensions in the Middle East.

Nigeria’s aviation fuel market received fresh relief on Saturday as the Dangote Petroleum Refinery reduced its ex-depot Jet A1 price by ₦100 per litre, bringing the loading price down to ₦1,550 from ₦1,650. Petroleumprice.ng confirmed the price adjustment from a source at the refinery, indicating that the new rate has taken immediate effect for marketers and bulk buyers.

The Nigerian downstream petroleum market recorded a generally stable but mildly bearish pricing trend across major depots between Monday, 1st June and Friday, 5th June 2026.

Nigeria has reverted to being a net importer of petrol in May after imports surged to their highest level in four months, highlighting the country's continued dependence on foreign fuel supplies despite the presence of Dangote Refinery.

Nigeria's downstream petroleum distribution network recorded fresh vessel arrivals and berth activities between June 1 and June 5, 2026, as multiple PMS, AGO, and Butane across Lagos and Calabar discharge corridors, supporting depot replenishment and sustaining fuel distribution activities nationwide.

Dangote Petroleum Refinery’s pricing direction is again at the centre of Nigeria’s downstream market conversation after the company reviewed product prices 20 times this year, raising questions over whether the refinery is moving toward a more stable pricing regime or preparing for another round of adjustments.

The Nigerian downstream petroleum market recorded broad downward pricing movements across major depots between Monday, 25th May and Friday, 29th May 2026, as both Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) prices softened across Lagos, Warri, Port Harcourt and Calabar supply corridors.

Dangote Petroleum Refinery has reduced its aviation turbine kerosene (ATK) gantry price by ₦100 per litre, bringing the price down to ₦1,650 per litre from ₦1,750, in a move expected to provide some relief to Nigeria’s aviation sector amid elevated fuel costs.

Oil prices eased on Monday after United States President Donald Trump announced the postponement of a planned military strike on Iran, easing immediate fears of a wider conflict that could further disrupt global crude supply.

Dangote Refinery has increased its ex-depot price of Premium Motor Spirit (petrol) to ₦1,350 per litre, up from ₦1,275, marking a fresh upward adjustment in Nigeria’s downstream fuel market.

The Federal Government has stepped in with fresh relief measures for airlines operating in Nigeria as rising Jet A1 fuel prices continue to strain the aviation industry and push operators closer to operational limits.

The Dangote Group is moving closer to producing its own crude oil, with early-stage output already recorded and plans underway to begin full commercial production in the coming weeks.

Airline operators in Nigeria have issued a strong warning that flight operations across the country could be suspended from April 20, 2026, following a sharp and sustained rise in the price of Jet A1 fuel.