Dangote Petroleum Refinery, Nigeria’s gleaming new bet on self-sufficiency in fuel, has jacked up its ex-depot price for petrol by 100 naira ($0.06), from 774 to 874 naira per litre.
Our correspondent confirmed that the increase reflects the fresh turmoil in global crude markets triggered by escalating conflict between America, Israel and Iran.
Filling stations in Abuja have wasted no time in adjusting their pumps, now charging 960 naira per litre by Tuesday morning, up from 880 and 875 the day before.
NewsQuest reports that vendors blamed the refinery’s midnight suspension of loading operations on March 2nd, after Brent crude rocketed nearly 10% to $79.41 per barrel—a seven-month high—on fears over the Strait of Hormuz.
Iran has shut the vital waterway, through which half the world’s oil exports flow, threatening any ship that dares pass.
Dangote officials pin the increase on surging replacement costs and “changes in global crude fundamentals”.
Private depots followed suit, halting sales as risk premiums baked into the market.
Energy analysts caution that Brent pushing $90 could force further rises in Nigeria’s petrol and diesel prices, despite its budding local refining muscle.
Higher shipping, insurance and refining costs will bite, exposing the limits of even Africa’s biggest refinery in a world of geopolitically induced oil spikes.
