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The management of the Dangote Refinery has announced an upward review of its petrol ex-depot pricing structure.
According to reports, the refinery increased the ex-depot price of Premium Motor Spirit (petrol) by ₦75, moving it from ₦1,200 per litre to ₦1,275 per litre. Coastal pricing has also been adjusted to ₦1,215 per litre.
The revision comes at a time when global crude oil benchmarks remain elevated, with Brent crude trading around $114.80 per barrel, reflecting a 3.15% rise.
Meanwhile, developments in the oil market have also been influenced by adjustments from the Nigerian National Petroleum Company Limited, which reportedly increased the prices of Nigerian crude grades for May-loading cargoes due to rising international oil prices.
Reports indicate that Nigeria’s flagship crude, Bonny Light, recorded an increase of $6.13 per barrel for May compared to the previous month, while Forcados crude rose by about $7.01 per barrel within the same period.
The surge in global prices has been linked to heightened geopolitical tensions in the Middle East, particularly concerns involving the United States and Iran, which have pushed Brent crude above the $110 per barrel mark.
Market uncertainty has also been tied to speculation around shifts in global oil alliances, including reports concerning the United Arab Emirates and its role within the Organization of the Petroleum Exporting Countries.
Data from the Central Bank of Nigeria showed that Bonny Light had earlier traded around $74 per barrel before tensions escalated, highlighting how quickly geopolitical events have impacted crude pricing.
