Dangote Refinery has increased the pump price of petrol to ₦865 per litre, marking a ₦50 hike from its previous ₦815 rate, following the suspension of its crude-for-Naira swap deal with the Nigerian National Petroleum Company (NNPC).
Industry sources confirm that major oil marketers, including MRS, have commenced fuel purchases from the 650,000-barrel-per-day facility. The refinery had earlier implemented three price reductions this year, with the latest adjustment defying expectations of further drops amid declining global crude prices ($59/barrel).
Analysts attribute the price surge to rising dollar-denominated crude import costs, which have offset potential savings from cheaper international oil benchmarks. The development comes as Nigeria grapples with refining cost pressures despite its domestic production capacity.
