Dangote Truck
Susan Abayomi
Dangote Refinery has increased the ex-gantry price of petrol to N1,175 per litre, marking the fourth adjustment since March 2. This price hike is attributed to the rising global crude oil prices, which have surged above $100 per barrel due to tensions in the Middle East. Diesel prices have also been increased to N1,620 per litre.
The refinery’s decision is likely to impact fuel prices across the country, with some stations already selling petrol above N1,200 per litre. Analysts predict that the price may continue to rise, potentially reaching N2,000 per litre if the Middle East conflict persists.
The increase in petrol prices is expected to have a ripple effect on the economy, leading to higher transportation costs and potentially inflationary pressures. Nigerians are already feeling the pinch of economic challenges, and this price hike may exacerbate the situation.
The Dangote Refinery had previously reduced prices, but the current surge in global oil prices has forced the refinery to adjust its prices upwards. The refinery is yet to announce when the next price review will take place.
The Nigerian government has been working to address the country’s fuel scarcity issues, but the global oil market dynamics are beyond their control. The government may need to consider alternative measures to cushion the impact of rising fuel prices on citizens.
As the situation unfolds, Nigerians are advised to be prepared for potential price increases at the pump. The impact of this price hike on the broader economy and the people’s purchasing power remains to be seen.
The development underscores the volatility of global oil prices and their impact on local markets. Nigeria, as an oil-producing country, is not immune to these fluctuations .
