Dangote Refinery Petrol Price Hits N1,350 as Global Crude Volatility Persists

The Dangote Refinery has raised its petrol gantry price to N1,350 per litre due to persistent volatility in global Brent crude prices. The refinery increased the price by 6.7% from September 12, marking the fourth upward adjustment in less than a month.

Global oil prices had spiked after reported attacks on Iranian and Saudi Arabian energy facilities, with Brent crude briefly reaching $105 per barrel before easing to $103.13 a barrel. The Dangote refinery procures crude at international market rates, which are now significantly elevated compared to previous quarters.

The price revision has added pressure on businesses and households grappling with elevated logistics and transportation costs across the country. Market watchdogs argue that the shift from a heavily subsidised regime to a market-driven one requires robust regulatory oversight to prevent price gouging.