The allegations suggested that Dangote sought financial assistance from business associates for his refinery project. The Dangote Group stated that it does not finance projects through personal loans from friends.

Anthony Chiejina, the company’s spokesperson, emphasized the importance of integrity in its operations. He also warned against spreading misinformation and indicated that legal action may be taken against those responsible.

According to the company, Dangote and Elumelu maintain a longstanding and cordial relationship. The claims originated from a viral post on X by a user identified as Oghneminehhhhh.

The company noted a rising pattern of fabricated statements regarding its leadership. These assertions are wholly inaccurate and constitute a deliberate misrepresentation of facts.

The Dangote Group is considering legal action against those spreading false content. It cautioned against the unauthorized use of Dangote’s name and image in misleading content.

In 2021, allegations claimed that Dangote faced financial difficulties during the construction of his refinery. The project costs approximately 20 billion dollars, with a 10 percent stake expected to be sold via IPO.

Elumelu reportedly promised 20 million dollars, while other associates raised around 500 million dollars. Notably, Otedola contributed 300 million dollars.

This incident underscores the growing concern over misinformation in the business community.

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Petrol prices in Nigeria have surged to between N1,200 and N1,300 per litre, reflecting the impact of escalating global crude oil prices driven by geopolitical tensions in the Middle East. Projections suggest that if the crisis continues, prices could exceed N1,500 per litre and potentially approach N2,000 per litre.

The increase in prices is largely attributed to the ongoing conflict between the United States and Iran, which has caused crude oil prices to rise from around $68 per barrel to $103. The Dangote Petroleum Refinery has also raised its gantry prices from less than N800 per litre to N1,175.

The Nigeria Labour Congress (NLC) has reported that petrol prices have climbed to between N1,170 and N1,300 per litre, calling for a cost-of-living allowance and wage award for workers to alleviate the economic burden. Diesel prices have also surged by more than 50 percent, nearing N1,700 to N1,800 per litre.

In light of these developments, the NLC emphasized that the expected oil windfall should be utilized to cushion the negative effects of the crisis on Nigerians. The Independent Petroleum Marketers Association of Nigeria has urged the government to cut taxes and charges on petroleum products to help stabilize prices.

Chinedu Ukadike, a representative of the marketers, stated, “The government should cut down some of these taxes, especially the NIMASA taxes and the rest of them.” Meanwhile, Leye Kupoluyi suggested exploring local refining options, asking, “Can we do a naira exchange so that a portion of this crude goes to refineries that are refining locally?”

Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, warned that rising fuel costs are squeezing business margins and threatening enterprise sustainability. He noted, “The best the government can do is to take advantage of this additional revenue to deploy fiscal incentives to those who are producing the refined petroleum products.”

As the situation evolves, the Nigeria Economic Summit Group has projected that Nigeria could earn up to N30tn in additional revenue from rising oil prices linked to the Middle East crisis. However, details remain unconfirmed regarding how these revenues will be allocated to support the population amidst rising fuel costs.

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The price of petrol in Nigeria has seen a dramatic increase, now reaching N1,400 per litre. This surge follows a period where petrol was available at approximately N937 per litre at some stations, indicating a significant rise in fuel costs.

In recent developments, Dangote Petroleum Refinery has raised its gantry price for petrol to N1,175 per litre. This adjustment is part of a broader trend influenced by global crude oil prices, which have surged above $80 per barrel, affecting local fuel pricing.

Some filling stations have reported selling petrol at prices ranging from N1,250 to N1,400, reflecting the volatile nature of the market. Diesel prices have also escalated, now reaching N1,750 per litre.

Industry experts are voicing concerns over the implications of these price hikes. Dr. Chinyere Almona noted that the increases in fuel pump prices are likely to impact transport and food prices, particularly concerning food distribution logistics.

Inflation Concerns

The Organised Private Sector has warned that the rising petrol prices could trigger inflation across various sectors of the economy. Dr. Femi Egbesola emphasized that energy costs, particularly for petrol and diesel, are major drivers of inflation due to their widespread use in multiple industries.

Paul Alaje remarked, “As crude oil goes up, the cost of PMS, diesel and Jet-A1 will also follow,” highlighting the direct correlation between global oil prices and local fuel costs.

Details remain unconfirmed regarding the closure of some filling stations, which may be linked to the current pricing dynamics. Additionally, the ongoing US-Iran conflict adds an element of uncertainty to the future of local fuel prices.

Observers are closely monitoring the situation, as the market has been described as extremely volatile, with replacement costs shifting significantly in recent days, according to a Dangote Petroleum Refinery official.

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On March 9, 2026, crude oil prices witnessed a significant surge, with Brent crude briefly reaching $119.50 per barrel and West Texas Intermediate (WTI) soaring to $119.48 per barrel. This spike in prices was largely attributed to the ongoing conflict in the Middle East, particularly following the U.S. and Israel’s military actions against Iran that began on February 28, 2026. Prior to this conflict, crude oil was trading at approximately $70 per barrel.

Market Reactions and Price Fluctuations

As the day progressed, the oil market experienced a reversal, with prices falling to under $90 per barrel later on March 9. This volatility reflects the uncertainty surrounding global oil supply, particularly due to disruptions in shipments through the Strait of Hormuz, which affects around 15 million barrels of crude oil daily. The conflict has led to significant concerns among traders and analysts about the stability of oil prices.

Impact on Gasoline and Diesel Prices

The surge in crude oil prices has also affected retail fuel prices in the United States. As of March 9, the average price of a gallon of regular gasoline rose to $3.48, while diesel prices reached approximately $4.66 per gallon. These increases are indicative of the broader impact of crude oil price fluctuations on consumers and the economy.

Operational Capacity and Local Market Adjustments

In Nigeria, the Dangote Petroleum Refinery is operating at full capacity, processing about 650,000 barrels per day. However, local prices have also seen adjustments, with the gantry price of Premium Motor Spirit (PMS) increased to ₦1,175 per litre and Automotive Gas Oil (AGO) raised to ₦1,620 per litre. These changes reflect the global market’s influence on local economies and fuel pricing structures.

Freight Costs and Supply Chain Challenges

The conflict has led to a dramatic increase in freight costs, with tanker prices rising from about $800,000 to roughly $3.5 million per shipment. This surge in shipping costs further complicates the supply chain, impacting the overall availability of crude oil and refined products in various markets.

Expert Insights on the Situation

Experts have weighed in on the current state of the oil market. Nicholas Mulder noted, “In economic terms, this is already the largest oil supply shock ever,” highlighting the unprecedented nature of the current crisis. Meanwhile, French Finance Minister Roland Lescure commented, “We’re not there yet,” indicating that the situation may still evolve. President Donald Trump referred to the conflict as “very complete,” suggesting a significant escalation in military actions.

Looking Ahead Amid Uncertainties

Despite the current fluctuations, details remain unconfirmed regarding future price trends of crude oil, as ongoing geopolitical tensions continue to create uncertainty in the market. The duration of the current energy crisis remains uncertain, leaving consumers and businesses alike to navigate a complex and rapidly changing landscape.

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