Dangote Refinery Raises Petrol Price Again After Brief Cut Amid Global Oil Volatility
By Aboki Forex —
Barely 24 hours after slashing petrol prices twice in two days, Dangote Refinery has reversed course and increased its ex-depot price. The refinery now sells petrol at N1,256 per litre, up from N1,250 per litre. The move follows renewed tensions in the Middle East and a surge in global crude oil prices.
Other depot operators have followed suit. AIPEC and Ardova both raised their prices to N1,252 per litre. Bulk Strategic and Liquid Bulk now sell at N1,285 per litre. The coordinated adjustments reflect growing concern over rising crude costs and pricing risks.
Global oil prices spike on Middle East uncertainty
Brent crude traded at $94.01 per barrel by 12:12 p.m. WAT on Monday, a 3.17 per cent increase. U.S. West Texas Intermediate rose 3.66 per cent to $90.56 per barrel. The rally followed reports that U.S. President Donald Trump had requested changes to a proposed peace agreement involving Iran. That raised fears that the reopening of the Strait of Hormuz, a critical shipping route, could be delayed.
The proposed framework includes a 60-day ceasefire, plans to restore shipping access through the Strait, and a roadmap for nuclear talks with Iran. But disagreements over sanctions relief, Iran's uranium stockpile, and security guarantees have left markets uncertain about the timeline for a resolution.
Analysts say price hikes may be temporary
Energy policy analyst Adeola Yusuf told Legit.ng that the increases are defensive measures to protect operators from losses amid sharp crude fluctuations. “In the petroleum industry, no condition is permanent. Prices are highly susceptible to global changes, especially now that there is tension in the Middle East,” he said.
Yusuf added that the recent increases could prove temporary if global oil prices stabilise and geopolitical tensions ease in the coming days.
Data from the Major Energies Marketers Association of Nigeria shows that petrol gantry prices averaged N1,275 per litre, up from N1,195.02 per litre previously. Landing cost pressure on PMS at import parity estimates stood at N1,212.75 per litre for the 30-day average, compared to spot prices of N1,362.55 and N1,361.54 per litre at ASPM and NPSC jetties.
Industry stakeholders and consumers are now watching international markets closely. Any sustained rally in crude oil could mean further price increases at the pump across Nigeria.