Dangote Refinery Raises Petrol Price to N995 per Liter

Dangote Refinery has raised its premium motor spirit (petrol) price to N995 per liter, representing a N221 increase within just four days. This adjustment follows a recent shift in the global oil market, with the price rising from N774 to N995 per liter.

The refinery's latest price review reflects the prevailing global crude oil prices and logistical costs, as confirmed by a senior official. The new price has already been updated on the petroleum price portal, indicating a shift in domestic downstream price benchmarks.

The increase has triggered a rise in retail pump prices across Nigeria, with petrol selling above N1,050 per liter in several locations. The refinery has emphasized that its price adjustments are not arbitrary but are influenced by international market movements and operational realities.

Additionally, the refinery aims to insulate Nigeria from global supply shocks, especially amid ongoing tensions in the Middle East affecting crude freight prices.