Dangote Refinery has increased the price of petrol to N865 per litre, marking a N50 hike from its previous price of N815 per litre.
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The price adjustment follows the suspension of the Naira-for-crude oil agreement with the federal government, which had previously eased the refinery’s access to crude.
Oil marketers, including MRS, have commenced lifting petrol from the facility, which has a refining capacity of 650,000 barrels per day.
Earlier this year, the refinery had implemented several price cuts, with the last reduction bringing petrol down to N815 per litre — its third downward adjustment in 2025.
Despite a recent decline in global crude oil prices to $59 per barrel, the cost of refining remains high. Industry experts attribute this to the rising expenses associated with importing crude oil in dollars, following the collapse of the Naira-denominated crude deal.
Analysts had anticipated a corresponding drop in petrol prices in response to falling crude prices. However, the surge in refining costs has largely offset the expected benefits, keeping pump prices elevated.
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