Petrol Prices Near N1,400 After Dangote Refinery Hike

Petrol prices have increased significantly, nearing N1,400 per litre, following a N65 rise in the selling price by Dangote Petroleum Refinery, effective August 29. This adjustment marks the third increase in just eight days, totaling N100 per litre during this period.

Following the latest hike, petrol prices are approximately N1,310 per litre in Lagos and Ogun, while prices in northern states exceed N1,350. The refinery's senior executive defended the price hikes, explaining that fluctuations in international crude oil prices do not immediately affect petrol prices due to the complex procurement process.

The executive noted that crude oil purchased at higher prices remains in storage, and immediate price reductions when global prices fall could lead to selling refined products at a loss. The refinery had previously raised its gantry price from N1,165 to N1,185 on August 21, and then to N1,200 five days later.

The total increase represents an 8.6 percent rise in the refinery's gantry price within eight days.