Dangote Refinery Increases Fuel Pump Price

According to IReporter Online, the management of the Dangote Refinery has announced an upward review of the ex-depot price of petrol, marking a fresh adjustment in the downstream petroleum market.

The refinery increased the ex-depot price by ₦75, moving it from ₦1,200 to ₦1,275 per litre, while coastal pricing has also been revised upward to ₦1,215 per litre. The latest adjustment comes amid fluctuations in the global oil market, with Brent crude trading at about $114.80 per barrel, reflecting a 3.15% rise.

The development coincides with broader movements in the global energy sector, as the Nigerian National Petroleum Company Limited (NNPCL) also adjusted the prices of all 37 Nigerian crude grades for May-loading cargoes in response to rising international crude prices driven by geopolitical tensions in the Middle East.

Reports indicate that Bonny Light crude, Nigeria’s flagship grade, recorded an increase of $6.13 per barrel for May compared to April, while Forcados crude rose by $7.01 per barrel within the same period.

Market instability has been further intensified by Brent crude surging above $110 per barrel amid concerns surrounding the ongoing United States-Iran tensions and possible disruptions in the Strait of Hormuz, a critical global oil transit route. Additional uncertainty has been linked to reports of the United Arab Emirates’ potential exit from OPEC, raising questions about future energy market alignments in the Middle East.

Data from the Central Bank of Nigeria (CBN) also showed that Bonny Light crude experienced a near $2 increase recently, following speculation over possible diplomatic resolutions between the United States and Iran regarding the reopening of key oil shipping routes. Prior to the escalation of tensions, Bonny Light had traded around $74 per barrel.