Dangote Refinery Raises Ex-Gantry Petrol Price to N1,175 Per Litre

The Dangote refinery has increased the ex-gantry price of petrol to N1,175 per litre, representing a N100 increase from the previous price of N1,075 per litre.

Sources at the refinery disclosed that the new price adjustment took effect on Friday.

The refinery had reduced the price to N1,075 per litre two days earlier following a slump in global oil prices.

Earlier price changes showed that the refinery sold petrol at N1,175 per litre on March 9, up from N995 per litre on March 7, and N874 per litre on March 2.

The latest increase coincides with a rebound in global oil prices, which climbed to about $100 per barrel on Thursday.

Meanwhile, the International Energy Agency (IEA) stated that the ongoing Israel–Iran conflict has caused one of the largest supply disruptions in the history of the global oil market.

According to the agency, crude oil and petroleum shipments passing through the Strait of Hormuz have dropped sharply from about 20 million barrels per day before the conflict to only minimal volumes recently.

The IEA added that its member countries agreed on March 11 to release 400 million barrels of oil from emergency reserves to stabilise supply in the global market.