Petrol Prices Surge After Dangote Refinery Increase

Petrol depot prices in Nigeria have increased significantly after Dangote Petroleum Refinery raised its gantry price from N1,265 to N1,350 per litre, marking an N85 increase. This adjustment is part of a series of price hikes by the refinery, which has seen its petrol price rise by N185 within three weeks.

Following this, several depot operators have raised their prices, with Techno Oil increasing its price by N150 to N1,351.50 per litre, while Sahara and Optima set their prices at N1,353 and N1,360 per litre, respectively. The increases are attributed to the high global crude oil prices, which remain above $100 per barrel.

Financial expert Osas Igho noted that these price hikes are driven by international market developments rather than individual depot decisions. The rising depot prices are expected to lead to further adjustments at filling stations, where petrol currently sells for between N1,380 and N1,400 per litre.

The series of increases is likely to exert pressure on transportation costs and household budgets.