The Dangote Refinery has increased the price of petrol to N1,275 per litre and diesel to N1,950 per litre, marking another significant hike in fuel costs. This adjustment reflects the prevailing international market trends and the escalating tensions in the Middle East, which have driven up crude oil prices.
According to a refinery official, the price increase is a direct result of the volatility in the global oil market. “The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and how they have impacted crude oil prices,” the official said.
The latest hike has sparked concerns about the impact on transportation, logistics, and production costs for businesses, which are already grappling with a challenging economic environment. Economists warn that sustained increases in petrol and diesel prices could worsen inflationary pressures, raise the cost of goods and services, and further slow economic recovery.
