Dangote Refinery has raised the ex-depot price of petrol by N75, signaling a fresh shift in Nigeria’s downstream oil market as global crude prices continue to climb.
The refinery confirmed the adjustment on Wednesday, increasing the price from N1,200 to N1,275 per litre. Coastal prices have also been revised upward to N1,215 per litre, reflecting broader cost pressures across supply channels.
Industry observers say the move is closely tied to rising global oil benchmarks, particularly Brent crude, which hovered around $114.80 per barrel before edging toward $115. Similarly, West Texas Intermediate climbed to about $103 per barrel, underscoring sustained upward momentum in the international energy market.
The price adjustment represents a 3.15 percent increase and is expected to have a ripple effect across the domestic fuel supply chain. Retail pump prices may adjust in response, potentially placing additional financial strain on consumers already grappling with high transportation and living costs.
Analysts note that fluctuations in crude oil prices, exchange rates, and logistics expenses remain key drivers of petrol pricing in Nigeria’s deregulated market. With global oil prices showing no immediate signs of easing, stakeholders anticipate further adjustments in the coming weeks.
Market watchers are also paying close attention to how the refinery balances competitiveness with cost recovery, especially as it plays an increasingly central role in domestic fuel supply and price stabilization efforts.