The Minister of Finance, Wale Edun, says Nigeria’s rising fuel prices reflect global market realities, urging citizens to recognise the growing local refining capacity that is cushioning the economy.

Speaking in an exclusive interview on Wednesday’s edition of Politics Today on Channels Television, Edun said the recent spike follows escalating tensions in the Middle East, which have pushed up global crude oil prices and transportation costs in Nigeria.

“The market price for petroleum products is what has been instilled by Mr. President a mechanism that was missing for so long. It is important to understand that this is not a one-way street,” he said, noting that the Dangote Refinery has reduced prices from around 1,200 Naira to just over 1,000 or 1,050 Naira reflecting natural market dynamics.

Edun credited the economy’s resilience to private-sector investment in refining, particularly by Nigerian billionaire Aliko Dangote. “We need to support our refiners just as others are supporting them to keep petroleum products flowing,” he added.

Africa’s largest refinery, the Dangote Refinery, began petrol production in 2024 and added diesel and aviation fuel in January 2026, producing 650,000 barrels per day. Amid renewed Middle East tensions, the refinery adjusted prices three times, citing global crude price fluctuations. The company emphasised that crude purchases follow international pricing benchmarks with no subsidy, and Naira-for-Crude arrangements are converted at prevailing market rates.

Despite global uncertainties, Edun stressed that Nigeria remains on a steady recovery path. “We are on our way out of the woods. The global shocks are a factor, but it is the resilience against these shocks that allows us to keep going when international conditions change drastically,” he said.