Nigeria's Petroleum Minister Addresses Rising Petrol Prices

Heineken Lokpobiri, the Minister of State for Petroleum Resources in Nigeria, stated that the operation of the Dangote refinery does not guarantee lower petrol prices for Nigerians. During an appearance on Channels Television on September 22, 2026, he emphasized that global market conditions significantly impact domestic fuel prices.

Lokpobiri pointed out that crude oil and refined products are traded in a global market, and developments in regions like the Middle East can lead to price increases. He noted that petrol prices in Nigeria have reached as high as N1,500 per litre.

The minister defended Nigeria’s downstream petroleum deregulation policy, arguing it has fostered private-sector investments, including the Dangote refinery, which would struggle under a system of government-subsidized petrol prices. He warned that consumers worldwide are facing similar pressures due to rising energy costs.