Dangote Refinery, Two Other Depot Owners Hike Petrol Price to N823 Per Litre

Three operators, including Dangote Refinery, have raised the price of petrol to N823 per litre from N821 due to the increase in crude oil prices. The international benchmark for crude oil reached $67 per barrel over the weekend, prompting the price adjustment.

The domestic petroleum market in Nigeria is responding to global changes, with analysts predicting potential further price adjustments in the coming weeks. The President of PETROAN emphasized the importance of stable supply and suggested privatization of refineries as a solution.

Dangote Refinery, with a capacity of 650,000 barrels per day, has already begun operations and is impacting the global gasoline market. The refinery is set to distribute fuel directly to retailers, bypassing traditional intermediaries.

This move is expected to reduce Nigeria's reliance on foreign refined petroleum products and impact the European gasoline market.