Nigeria Petrol Prices Surge Amid Dangote Refinery Dispute

Petrol prices are increasing across Nigeria as wholesale depot rates surge, with some hubs reaching N1,290 per litre. The price hikes follow a rise in international Brent crude prices to approximately $90.49 per barrel, triggered by military exchanges between the United States and Iran.

Dangote Petroleum Refinery & Petrochemicals Fze contributed to the volatility by raising its gantry price by approximately N65 to N1,265 per litre. The refinery warned it may redirect fuel products to overseas markets in response to fuel-import licenses issued to marketers by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

Retailers have passed these costs to consumers, with some filling stations charging between N1,310 and N1,400 per litre. MRS raised prices by N80 per litre, while Ranoil and Empire Energy implemented smaller increases. These adjustments are expected to raise transportation costs and operating expenses for businesses that rely on petrol for power generation.