Dangote Refinery Increases Petrol Price to ₦1,175

 

The Dangote Refinery has raised the price of petrol to ₦1,175 per litre, marking the third increase in seven days as rising global oil prices and geopolitical tensions push energy costs higher in Nigeria.

The Dangote Refinery has jacked up the price of Premium Motor Spirit (PMS), commonly known as petrol, undefined. This is the third time they've increased petrol prices in just seven days.

This latest price jump, which was announced to marketers and depot operators on Monday, pushes the ex-depot price up from ₦995 per litre, which was set just on Friday. That's an increase of ₦180, representing a pretty sharp 18.1% jump in just three days.

On top of that, the refinery has also tweaked the price of Automotive Gas Oil (diesel), setting it at ₦1,620 per litre. This new price follows earlier adjustments that had already hiked diesel prices from ₦774 to ₦995 per litre last week.

These changes by Nigerian oil companies seem to be in response to the global energy crisis, partly sparked by events in the US and the ongoing conflict with Iran, which is now in its second week. On Monday, Brent crude oil was trading above $105 per barrel.

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