Dangote Refinery Hikes Petrol Price by ₦140/Litre Amid Rising Crude Oil Costs

The Dangote Petroleum Refinery has increased its wholesale price of petrol by ₦140 per litre, raising it to ₦1,215 per litre on July 23. This move follows a one-week pause during which the refinery temporarily changed to dollar-denominated sales due to operational challenges under the government's naira-for-crude framework.

The price hike is attributed to the rapid increase in international crude oil prices, which directly affects the cost of producing refined petroleum products. Rising global prices have placed sustained cost pressure on refining operations, necessitating higher wholesale rates for local off-takers.