Dangote Refinery Increases Petrol Price Amid Oil Surge

Dangote Refinery has raised the price of petrol to N1,275 per liter, reflecting a N75 increase, which is a 5% rise. This adjustment comes in response to a surge in global crude oil prices, which have been influenced by escalating geopolitical tensions between the United States and Iran.

As of Tuesday, the price of West Texas Intermediate crude was trading at $110 per barrel, while Brent crude was near $105 per barrel. Aliko Dangote, President of the refinery, has assured that the Nigerian and African markets will maintain a steady fuel supply despite these disruptions.

This price hike follows a period of relative stability in domestic fuel prices, which had been maintained despite volatility in the international oil market. The Dangote Refinery, a $20 billion project, plays a significant role in Nigeria's fuel supply chain and has previously adjusted its petrol prices in response to fluctuations in global crude oil prices.