Petrol Prices Near N1,400/Litre After Dangote Hike

Petrol prices in Nigeria are approaching N1,400 per litre after a significant price increase by Dangote Petroleum Refinery, which raised its petrol loading price from N1,200 to N1,275 per litre. This hike follows a rise in Brent crude oil prices, which reached $105 per barrel on Monday and jumped to $118 on Wednesday.

The refinery's decision disrupted normal supply schedules, leading to immediate stoppages in petrol and diesel sales. As a result, petrol prices at various filling stations in Lagos and Ogun states ranged from N1,315 to N1,350 per litre.

The Nigerian National Petroleum Company (NNPC) also increased the official selling price of its flagship crude grades. Billi Gilli Harri, representing petroleum product retail outlet owners, expressed concerns over the volatility in fuel prices and the lack of government intervention to stabilize costs.

Predictions indicate that prices could exceed N1,500 per litre if geopolitical tensions in the Middle East persist.