Dangote Refinery Raises Petrol Price to ₦1,175/Litre

Dangote Refinery has raised the price of petrol to ₦1,175 per litre, an increase of ₦180 or 18.1% within three days, marking the third adjustment in a week. This new price structure was communicated on Monday, following a previous price of ₦995 per litre announced on Friday.

The refinery also revised the price of automotive gas oil (diesel) to ₦1,620 per litre. A senior official from the refinery, who declined to be named, attributed the price hike to the volatility in the global oil market and rising replacement costs.

Current market conditions necessitate these adjustments to align with prevailing realities. The updated rates are already reflected in the petroleum depot price system, with some filling stations reportedly selling petrol for as high as ₦1,200 per litre.

Analysts warn that this development could exacerbate economic pressures on households, as higher fuel prices typically lead to increased transport fares and logistics costs for businesses. Despite efforts by the Nigerian National Petroleum Company Limited (NNPCL) to stabilize prices, officials caution that immediate interventions may not lead to lower petrol prices.