Dangote Refinery Raises Petrol Price Amid Oil Surge

Dangote Refinery has announced a fresh increase in the ex-depot price of petrol by 3.15 naira, adjusting its pricing in response to the surge in Brent crude oil prices, which have recently reached around $114.80 per barrel. This adjustment comes after reports indicated that the Nigerian National Petroleum Company Limited (NNPCL) has limited the loading of Nigerian crude grades, specifically Bonny Light, which rose to $6.13 per barrel in May compared to April.

Additionally, the price of Forcados crude increased by $7.01 per barrel during the same period. The rise in oil prices is attributed to escalating tensions in the Middle East, particularly concerning the ongoing conflict between the United States and Iran, which has raised concerns about potential disruptions in oil supply.

The Central Bank of Nigeria (CBN) reported that Bonny Light crude traded around $74 amid these market uncertainties, highlighting the impact of geopolitical factors on oil pricing.