Dangote Petroleum Refinery has raised its ex-depot petrol price to N1,275 per litre, marking the fifth price increase in March. The N30 hike follows Friday’s N1,245 announcement, bringing the cumulative increase to N501 per litre (64.7%) from N774 at the month’s start...READ FULL; ORIGINAL POST; FROM SOURCE.
The coastal price rose from N1,512,648 to N1,646,748 per metric tonne.
The refinery cited external factors beyond its control, as global crude volatility and Middle East disruptions, that continue to pressure domestic fuel prices. The latest adjustment takes immediate effect and is expected to trigger pump price increases nationwide.
Key Points:
Five price hikes in 21 days signal extreme volatility in Nigeria’s deregulated fuel market.
The 64.7% monthly increase will likely drive transport fares and commodity prices higher.
Dangote Refinery’s rapid adjustments undermine expectations it would stabilise domestic supply.
External pressures (global crude prices, freight costs, Middle East tensions) are cited as drivers.
African countries seeking supplies from Dangote amid global disruptions may face further constraints.
Nigerians should expect immediate retail pump price increases, compounding existing cost-of-living pressures as transportation and goods prices rise.
Sources: The Punch, Dangote Petroleum Refinery