By: Chioma Madonna Ndukwu
Nigeria’s Dangote Refinery Raises Petrol Price Amid Global Oil Surge
Nigeria’s fuel market is once again under pressure as the Dangote Refinery adjusts its petrol pricing in response to shifting global oil dynamics and rising geopolitical tensions.
The refinery has increased its gantry price of Premium Motor Spirit (PMS) to N1,275 per litre, up from N1,200, marking an increment of N75.
The adjustment represents a modest rise of about five percent, coming after days of relative stability in domestic fuel prices.
This latest move is closely tied to developments in the international oil market, where crude prices have surged amid escalating tensions involving the United States, Israel, and Iran.
Benchmark crude prices have climbed significantly, with Brent and West Texas Intermediate trading above the $100 mark, putting pressure on downstream operators globally.
Despite the price increase, President of the Dangote Group, Aliko Dangote, has moved to reassure Nigerians and the broader African market of uninterrupted supply.
Speaking during a recent inspection of the refinery, he emphasized the facility’s capacity to meet fuel demand across Nigeria as well as regions in West, Central, and East Africa.
The adjustment follows an earlier price reduction recorded in late March, when the refinery responded to a temporary dip in global crude oil prices.
However, the renewed volatility in the oil market has reversed that trend, forcing a fresh pricing review.
Industry observers say the refinery’s pricing decisions reflect a broader pattern where domestic fuel costs increasingly mirror international crude fluctuations, especially as Nigeria deepens its reliance on local refining capacity.
With geopolitical tensions showing no immediate signs of easing, analysts warn that further adjustments in pump prices could follow, depending on how global oil markets react in the coming days.
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