Dangote Refinery Raises Fuel Prices Amid Global Market Volatility

On Tuesday night, Dangote Refinery confirmed a price adjustment for petrol and diesel, raising petrol to ₦1,275 per liter, a 5.02% increase from the previous price of ₦1,200. Diesel has also seen a price hike to ₦1,950 per liter, up ₦200 from last month's price of ₦1,750.

This adjustment comes amidst concerns regarding rising fuel costs across Nigeria, influenced by volatile global crude oil markets. The refinery's officials linked the price changes to prevailing international market conditions, which have been affected by heightened tensions in the Middle East, impacting global oil supply.

Analysts note that despite the expected stabilization from the operation of Africa's largest refinery, Nigeria's fuel prices remain heavily influenced by international benchmarks and market forces, which could lead to further increases in local fuel prices. The new pricing reflects the ongoing challenges within the deregulated downstream petroleum sector in Nigeria.