Petrol Prices Surge to N1,300/L as Dangote Increases Rates

Petrol prices in Nigeria have reached N1,300 per liter after Dangote Refinery announced an increase from N1,175 per liter. This adjustment represents the third price hike within a week, with the latest increase reflecting an 18.1% jump.

The rise in prices is linked to ongoing conflicts in the Middle East and fluctuations in global crude oil prices, which peaked at $104.4 per barrel. David Bird, Managing Director of Dangote Refinery, explained that the refinery is not immune to global market disruptions affecting supply chains and crude oil prices.

He noted that the rapid changes in the market are impacting the refinery's operations, with the price of diesel also expected to rise to N3,000 per liter. The situation has heightened concerns among households and businesses grappling with inflation and rising food costs, further weakening purchasing power in Nigeria.