The Dangote refinery has increased its ex-gantry price of petrol to N995 per litre, marking a N121 rise amid rising global oil prices. This is the second price hike this week, following an earlier increase from N774 to N874 per litre.
The refinery cited volatility in global crude oil prices and shipping costs as reasons for the adjustment.
The new price is expected to trigger a fresh increase in retail pump prices across the country, with petrol likely to sell above N1,050 per litre in several locations.
The refinery has absorbed about 20% of the rising costs to ease pressure on the domestic market.
Global crude oil prices have been surging, with Brent crude rising to $91 a barrel amid tensions in the Middle East.
Qatar’s energy minister warned that oil prices could hit $150 per barrel if tankers remain unable to pass through the Strait of Hormuz.
