Dangote Petroleum Refinery has increased its ex-depot price of petrol to ₦1,245 per litre, citing rising global crude oil prices linked to the ongoing crisis in the Middle East.

The adjustment reflects changes in international oil market conditions.

Global crude oil prices have surged due to disruptions linked to the Middle East conflict, affecting supply expectations and energy costs worldwide.

The increase in crude prices has had a direct impact on refining costs and downstream petroleum pricing.

Industry data shows that crude oil prices have climbed to multi-year highs, driving cost pressures across refining and distribution chains.

The Dangote Refinery adjusted its petrol price upward to ₦1,245 per litre, reflecting prevailing international benchmarks used in sourcing crude oil.

This follows an earlier price adjustment by the refinery, which had increased its ex-depot price to ₦1,175 per litre in response to rising crude oil prices.

Market checks indicate that petrol prices across Nigeria have also risen in recent weeks, with pump prices varying across locations and marketers.

Available data shows that petrol prices at retail outlets currently range between ₦1,130 and ₦1,350 per litre, depending on location and supplier.

Prices differ across major cities, with lower rates observed at some outlets and higher prices recorded in other regions.

The increase in petrol prices reflects the influence of global oil markets on Nigeria’s downstream sector.

Crude oil, which serves as the primary input for refining, is priced based on international benchmarks. As a result, fluctuations in global crude prices continue to affect domestic petrol pricing.