Dangote Refinery raises petrol price to N1,275 per litre amid rising crude costs

The Dangote Refinery has increased the ex-depot price of petrol by N75, raising the cost from N1,200 to N1,275 per litre.

The price adjustment was announced on Wednesday, with the refinery also confirming an increase in its coastal supply price, which now stands at N1,215 per litre.

The development is expected to have a significant impact across Nigeria’s downstream petroleum sector, as fuel marketers are likely to adjust pump prices in response to the higher cost of supply.

Industry observers say the price hike may lead to increased transportation costs and a broader rise in the cost of goods and services, affecting consumers nationwide.

Central Post Nigeria reports that, the adjustment comes amid a surge in global crude oil prices, with Brent crude rising to $115 per barrel, while West Texas Intermediate climbed to $103 per barrel as of Wednesday.