The Dangote Petroleum Refinery has increased its petrol price to about ₦1,245 per litre, citing rising global crude oil prices linked to the ongoing crisis in the Middle East. The adjustment reflects continued pressure on Nigeria’s downstream fuel market.
Global crude oil prices have risen sharply following disruptions tied to geopolitical tensions in the Middle East.
These developments have affected supply expectations and pushed oil prices to multi-year highs.
Nigeria’s petrol pricing remains closely tied to global oil benchmarks, despite increased domestic refining capacity.
Industry operators have stated that local refineries still rely on internationally priced crude, making them sensitive to global price movements.
Recent market conditions have seen fluctuations in fuel pricing, with earlier adjustments linked to changes in crude oil prices.
The refinery’s latest adjustment raised the ex-gantry price of petrol to ₦1,245 per litre, reflecting the impact of higher crude costs.
Earlier in March, the refinery had increased its price to about ₦1,175 per litre, following earlier changes driven by global oil market trends.
Data from market checks show that petrol prices across Nigeria vary depending on location and marketer, with retail prices ranging between ₦1,130 and ₦1,350 per litre.
In Lagos, some outlets were reported to sell petrol at about ₦1,130 per litre, while prices in parts of Abuja reached around ₦1,261 per litre.
The increase comes amid ongoing global supply disruptions linked to the Middle East conflict, which has affected oil production and distribution channels.
The adjustment in ex-gantry price may influence retail petrol prices across the country, as marketers respond to higher supply costs.
Rising fuel prices can affect transportation costs, logistics and business operations, particularly in urban areas where petrol is widely used for mobility and power generation.
For consumers, price changes in petrol often have broader effects on the cost of goods and services due to increased distribution expenses.
