Dangote Refinery Sh*cks Market With Fresh Petrol Price Increase

The management of the Dangote Refinery has announced a new increase in the ex-depot price of petrol.....KINDLY READ THE FULL STORY HERE▶

The refinery raised the ex-depot price by ₦75, moving it from ₦1,200 to ₦1,275 per litre. Coastal prices have also been adjusted upward to ₦1,215 per litre. The change reflects a 3.15% increase, coming at a time when Brent crude is trading at about $114.80 per barrel.

The development follows broader movements in the global oil market, where rising crude prices have continued to influence downstream pricing. The Nigerian National Petroleum Company Limited has also reportedly adjusted the official selling prices of Nigeria’s 37 crude oil grades for May-loading cargoes, in response to international market pressures.

Reports indicate that Nigeria’s Bonny Light crude saw an increase of $6.13 per barrel for May shipments compared to April, while Forcados crude rose by $7.01 per barrel over the same period.

The surge in global oil prices has been linked to geopolitical tensions in the Middle East, particularly concerns over the United States–Iran situation and its impact on global supply routes. Brent crude briefly climbed above $110 per barrel amid fears of prolonged instability.

Market uncertainty has also been influenced by reports involving the United Arab Emirates and possible shifts within the Organization of the Petroleum Exporting Countries, raising questions about future supply dynamics.

Data from the Central Bank of Nigeria suggests that Bonny Light prices had already begun rising earlier in the year, trading around $74 before the recent escalation in geopolitical tensions.