The Dangote Refinery has raised its ex-depot price for petrol, introducing a new increase that is expected to ripple across the downstream market.
According to the latest update, the refinery adjusted its price upward by ₦75 per litre, moving from ₦1,200 to ₦1,275.
Coastal supply prices have also climbed, now standing at ₦1,215 per litre.
This represents a 3.15% hike and comes at a time when global crude benchmarks remain elevated, with Brent crude trading around $114.80 per barrel.
The adjustment aligns with broader movements in the international oil market.
The Nigerian National Petroleum Company Limited recently revised its official selling prices for all 37 Nigerian crude grades designated for May cargoes.
These increases reflect tightening global supply conditions and geopolitical uncertainties.
Notably, Nigeria’s flagship grade, Bonny Light, saw its price rise by $6.13 per barrel compared to April levels.
Similarly, Forcados recorded a $7.01 per barrel increase within the same period.
Market volatility has been largely driven by escalating tensions in the Middle East, particularly concerns that friction between the United States and Iran could disrupt oil flows.
There are also emerging uncertainties tied to reports that the United Arab Emirates may be reconsidering its position within the Organization of the Petroleum Exporting Countries, a move that could reshape dynamics within the global energy market.
Further data from the Central Bank of Nigeria indicates that Bonny Light recently gained nearly $2 in a single trading session.
This uptick is linked to speculation over a potential reopening of the Strait of Hormuz, a critical passage for global oil shipments, which has been affected by ongoing geopolitical tensions.
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Before the current crisis intensified in late February, Bonny Light had been trading at approximately $74 per barrel, highlighting just how sharply prices have risen in recent weeks.