Dangote Refinery Raises Petrol Price to N1,175 per Liter

Dangote Refinery announced an increase in the price of petrol to N1,175 per liter, marking the third upward adjustment within a week. This latest price hike, which follows a previous price of N995 per liter announced on Friday, represents an increase of N180 or 18.1% within three days.

This adjustment is the fourth consecutive price review in less than two weeks, highlighting the mounting pressure on Nigeria's downstream petroleum market amid global oil price volatility. The refinery has suspended petrol loading operations and restricted truck activities due to market speculation regarding imminent price adjustments.

Motorists are now facing petrol prices at fuel stations above N1,200 per liter. Additionally, the price of diesel has risen above N1,400 per liter, with projections indicating that petrol prices could approach N2,000 per liter if the current situation persists.

Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd, has called for the immediate commencement of production at Nigeria's local refineries, particularly the Port Harcourt and Warri refineries.