The Digest:
The Dangote refinery has increased its ex-gantry petrol price to N995 per litre, the second hike this week following a N121 jump from the N874 price set just five days ago. Sources at the refinery confirmed the latest review on Friday as global crude oil prices surged to $91 per barrel amid the escalating US-Israel-Iran conflict. Brent crude rose from $72 on February 28 to $85 on March 3, with no signs of easing. Qatar's energy minister Saad Al-kaabi warned oil could hit $150 per barrel in "two to three weeks" if tankers remain unable to pass through the Strait of Hormuz, where major shipping lines have suspended sailings over security risks. On March 5, NNPC increased petrol prices at its retail outlets to N933 per litre in Lagos and N960 in Abuja.
Key Points
- The N121 jump (13.8%) in five days reflects the rapid transmission of global crude volatility.
- The $91 crude price and potential $150 warning signal more hikes if conflict persists.
- NNPC's N933 (Lagos) and N960 (Abuja) prices show downstream impact already visible.
- The Strait of Hormuz disruption threatens global energy supplies beyond Nigeria.
- Consumers face mounting pressure as petrol prices approach N1,000 per litre.
With crude hitting $91 and warnings of $150 oil, Dangote's second petrol hike in a week pushes prices toward N1,000—as the Middle East conflict tightens its grip on Nigerian wallets.
Sources: Refinery Sources, Market Reports
