Dangote Refinery has raised its petrol price to N1,275 per liter as global crude oil rates surge amid Iran tensions.
Fresh reports indicate a shift in the retail price of petrol at the Dangote Refinery. The facility has adjusted its gantry price upwards. This development ends a brief period of stability in the domestic fuel market.
Checks reveal that the new price is now N1,275 per liter. This marks an increase from the previous rate of N1,200. The adjustment represents a hike of N75, which is roughly five percent.
The decision is linked to the volatility in the global oil market. Crude oil prices have surged recently, with Brent and West Texas Intermediate trading above $100 per barrel.
A major factor driving this surge is the escalating tension in the Middle East. Threats by US President Donald Trump regarding a potential conflict with Iran have unsettled global markets.
Despite the price adjustment, the refinery recently assured Nigerians of sufficient supply. Aliko Dangote had earlier stated that the facility has the capacity to meet demand across Africa.
This latest move contrasts with the price cut witnessed in late March. The refinery had previously lowered rates when crude prices were stable, but the current global realities have forced a reversal.
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