Dangote Refinery Raises Petrol Price to N1,275 in Nigeria

Dangote Refinery has announced a price increase for petrol in Nigeria, raising the cost from N1,200 to N1,275 per liter, which represents a N75 increase or five percent. This adjustment is attributed to the rising pressures in the international oil market, as global crude oil prices remain volatile.

The increase follows recent geopolitical concerns, particularly warnings from U.S. President Donald Trump regarding potential escalations involving Iran, which have raised fears of supply disruptions in the global oil market.

Despite the price hike, Aliko Dangote, during a facility tour, assured that the refinery would maintain a steady supply of petrol to Nigeria and other African countries, including West, Central, and East Africa. Analysts suggest that this move may help alleviate panic among consumers, although they caution that price changes will continue as global oil prices fluctuate.

As of the report, the benchmark crude prices were noted at $110 per barrel for West Texas Intermediate and around $105 per barrel for Brent crude.