Petrol Prices Surge Nationwide as Dangote Refinery Sparks Market Reaction

Following Dangote Refinery's petrol price increase from N699 to N799 per liter, major depots swiftly adjusted their prices upwards, leading to a domino effect in the downstream oil market. Shellplux, Emmadeb, and Webaco were among the depots that aligned their rates with the new benchmark.

Global geopolitical tensions and rising crude oil prices, including Brent crude trading at $70.92 per barrel, are driving the surge in petrol prices. Adeola Yusuf, an energy policy analyst, explains the sensitivity of refined petroleum products to crude oil price movements.

NNPC also raised petrol prices, with Lagos stations selling at N835 per liter and Abuja at N785 per liter. The adjustments come amidst reports of disruptions at Dangote Refinery due to payment discrepancies following the price hike.