Dangote-Backed Filling Stations Raise Petrol Prices Amid Crude Oil Slump

Nigerian petrol prices have hit new highs, putting pressure on households and businesses.

The increase is largely due to Dangote Refinery's decision to raise its depot price by N65, from N1,200 to N1,265 per litre.

This move has trickled down to the retail level, with several filling stations increasing their pump prices, including MRS and Dangote-backed outlets, which now sell petrol for N1,310 per litre in Lagos and surrounding areas.

The rise is particularly notable given that international crude oil prices have fallen. Brent crude was reported at around $88.10 per barrel, while West Texas Intermediate stood at approximately $83.40 per barrel.