The Dangote Refinery has announced a fresh increase in the ex-depot price of petrol, reflecting ongoing volatility in the global oil market.
The refinery raised the ex-depot price by ₦75, moving it from ₦1,200 to ₦1,275 per litre. Coastal prices have also increased to ₦1,215 per litre. The adjustment represents a 3.15% rise and comes as Brent crude oil trades at $114.80 per barrel.
The price hike follows broader movements in Nigeria’s crude oil market. The Nigerian National Petroleum Company Limited recently increased the official selling prices of all 37 Nigerian crude grades for May-loading cargoes, driven by rising global oil prices linked to tensions in the Middle East.
According to reports, the national oil company raised the price of Nigeria’s flagship crude grade, Bonny Light crude, by $6.13 per barrel for May compared to April. Similarly, Forcados crude saw an increase of $7.01 per barrel within the same period.
The surge in oil prices has been tied to geopolitical uncertainty, particularly concerns that tensions between the United States and Iran could escalate further, potentially disrupting global supply. Brent crude has reportedly climbed above $110 per barrel amid fears of prolonged conflict.
Market instability has also been linked to the reported exit of the United Arab Emirates from the Organization of the Petroleum Exporting Countries, raising questions about possible shifts in global energy alliances.
Data from the Central Bank of Nigeria indicates that Bonny Light crude rose by nearly $2 on Monday amid speculation over whether Iran and the United States might reach an agreement to reopen the Strait of Hormuz, a critical route for global oil shipments.
Before the escalation of the Middle East crisis on February 28, Bonny Light had been trading at around $74 per barrel, highlighting the sharp increase driven by recent geopolitical developments.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
