Economic Shock: Petrol Depot Prices Hit ₦1,350 as Dangote Refinery Shifts to Dollar Template


By Ayekooto Media Economic Desk July 20, 2026

 

Nigerians are bracing for yet another catastrophic blow to their purchasing power, as the downstream petroleum sector faces a dual crisis of international geopolitics and domestic corporate restructuring. 


Over the weekend, the Independent Petroleum Marketers Association of Nigeria (IPMAN) temporarily halted bulk purchases following a terrifying surge in depot prices. The cost of Premium Motor Spirit (PMS) abruptly skyrocketed from ₦1,230 to a suffocating ₦1,350 per litre. Consequently, retail pump prices are anticipated to hover between ₦1,380 and ₦1,400 nationwide within the coming days.


The trigger for this hike is twofold. Globally, the resumption of US-Iran hostilities over the Strait of Hormuz has severely disrupted maritime oil trade, sending ocean freight rates through the roof. 


Domestically, the situation has been compounded by a controversial policy shift at the Dangote Refinery. Once heralded as the ultimate shield against import-cost volatility, the mega-refinery recently switched its pricing template from the Naira to US Dollars, citing severe mismatches in foreign exchange acquisition. 


For the average Nigerian citizen already strained by inflation, this development is not just a market signal—it is an economic sentence. 


David Alani Ige

Publisher/ Editor-in-Chief Ayekooto Media

Publisher@ayekootomediang.com 

 Phunshor01@gmail.com 


Comments

Post a Comment

Popular posts from this blog

BREAKING: Why I Rejected Ambassadorial Appointment – Prof. Dibu Ojerinde Opens Up to Ooni of Ife Following Major Court Victory

Image
  By David Alani Ige Ayekooto Media Exclusive | Ile-Ife, Osun State   ILE-IFE — In a major revelation that has sent ripples through both political and academic circles, Emeritus Professor Dibu Ojerinde, OON, has officially disclosed why he recently turned down a high-profile Ambassadorial appointment.  The startling disclosure was made public on Friday inside the revered walls of the Ile-Ife palace, during an exclusive, high-level meeting with His Imperial Majesty, the Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, the Arole Oduduwa.   Professor Ojerinde, a towering intellectual giant, former Registrar of the Joint Admissions and Matriculation Board (JAMB), and the Aare Fimogboye of the Source, was at the palace alongside an entourage that included Ayekooto Media Publisher, David Alani Ige, and prominent Ife prince and scholar Dr. Kemade Elugbaju, Sooko Omoniyi who is  the Ambassador Plenipotentiary to the Ooni of Ife. The delegation was fresh from paying their acad...
Read more

OFFICIAL PRESS STATEMENT: Igboho Kingdom Debunks Miyetti Allah’s Allegations, Reaffirms Support for Sunday Igboho`

Image
  IGBOHO KINGDOM DEBUNKS FALSE ALLEGATIONS BY MIYETTI ALLAH, REAFFIRMS UNWAVERING SUPPORT FOR CHIEF SUNDAY ADEYEMO (IGBOHO), AND COMMENDS PRESIDENT TINUBU’S SECURITY SYNERGY. For Immediate Release Date:Thursday, 9 July 2026 Location: Igboho, Orelope Local Government, Oyo State. The good people of Igboho Kingdom, speaking unequivocally through the paramount ruler, His Royal Majesty, Oba Dr. Joel Olalere Olawuwo, the Alepata of Igboho and Chairman of the Oorelope Traditional Council, in conjunction with the leadership of Ifelodun Omo Igboho, led by its President-General, Alhaji Hammed Adegoke, hereby issue this official statement to set the records straight regarding the recent security clearance operations within our territory. Our attention has been drawn to a misleading and highly provocative petition authored by the Fulani Association, Miyetti Allah, directed to the Oyo State Government and security agencies. The petition falsely alleges that Chief Oloye Sunday Adeyemo (Sunday Ig...
Read more

EDITORIAL: The Looming Crisis in Saki—How Land Grabbers and Compromised Security are Killing Genuine Investment and Industrialization in Oke-Ogun

Image
By The Scribe | Ayekooto Media The Land document handed over to Amb. David and The Foreign Partner A dark cloud is gathering over Saki, the commercial nerve center of the Oke-Ogun area of Oyo State. What should be a thriving hub for agricultural investment, value-chain development, and industrialization is unfortunately, rapidly degenerating into a zone of lawlessness, banditry, thuggery, and intimidation. Alarmingly, this descent into chaos is seemingly being aided by complicit and complacent law enforcement officers employed by the government to protect life and property. At the center of this brewing storm is the harrowing ordeal of Magdavies Nigeria Limited, chaired by Ambassador David Adejuwon. As a genuine investor of Oke-Ogun extraction, he brought legitimate foreign investors and technical partners from Hungary, Canada, and Taiwan to Saki East and Saki West. Their mission was to establish mechanized farms and a quarry industry to create jobs, generate wealth, reduce poverty, an...
Read more