Dangote Refinery has increased the price of petrol to ₦1,275 per litre and diesel to ₦1,950 per litre, citing rising global crude oil prices driven by geopolitical tensions involving the United States and Iran. This marks a 5.02% increase in petrol prices and a significant jump in diesel costs.

The refinery attributes the price adjustment to international market realities, emphasizing that external factors are driving domestic price shifts. Despite Nigeria’s local refining capacity, fuel prices remain vulnerable to global market fluctuations due to the country’s reliance on international crude benchmarks.

The latest increase sparks concerns over affordability, with consumers already grappling with high energy and transportation costs. Experts warn that sustained price hikes could worsen inflationary pressures and slow economic recovery.