Dangote Refinery Raises Petrol Price to 1,245/Litre
By Anas Abbas
The ongoing conflict in the Middle East has begun to impact Nigeria’s downstream petroleum sector, as the Dangote Petroleum Refinery announced a fresh increase in the price of Premium Motor Spirit (PMS), pushing it to about N1,245 per litre.
The latest adjustment reflects rising global crude oil prices triggered by geopolitical tensions in the region, particularly the ongoing hostilities involving major oil-producing countries.
Industry analysts say the surge in international oil benchmarks has significantly raised production and replacement costs for refiners.
Sources within the petroleum industry indicated that the new price was communicated to marketers and depot operators, with immediate effect across distribution channels. The increment marks another upward review in a series of price changes recorded within a short period.
Data from recent market trends show that petrol prices at the refinery have been on a steady rise in recent weeks,climbing from about N774 per litre to over N1,100 within days before reaching the current level.
Experts attribute the persistent increases to volatility in global crude oil markets, foreign exchange pressures, and supply uncertainties linked to the Middle East crisis. The situation has driven crude prices above the 100 dollar per barrel mark, further intensifying cost pressures on refiners.
The development is expected to have a ripple effect nationwide, as fuel marketers adjust pump prices in line with the higher depot cost. Analysts warn that the increase could worsen inflationary pressures, raising transportation costs and the prices of goods and services across the country.
Despite expectations that local refining would stabilise fuel prices, the latest hike underscores Nigeria’s continued exposure to global oil market dynamics, even with increased domestic production capacity.








