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The Digest:

Dangote Petroleum Refinery has increased its ex-depot prices, raising petrol to ₦1,175 per litre and diesel to ₦1,620 per litre, marking the fourth consecutive price review in less than two weeks. The new pricing, communicated to marketers, represents a significant jump from the previous ₦995 for petrol and ₦1,430 for diesel. The hikes coincide with surging global crude benchmarks: Brent crude at $102.8 (+10.91%) and WTI at $101.0 (+11.08%) amid the escalating Middle East energy crisis. Oil prices soared 30% on Monday as the US-Israeli war against Iran continued into its second week, with the Strait of Hormuz, through which a fifth of global crude passes, remaining closed since February 28. President Trump has stated the spike is a "small price to pay" to eliminate Iran's nuclear threat.

Key Points

  • Fourth price hike in two weeks: Petrol now ₦1,175 (from ₦995), diesel ₦1,620 (from ₦1,430).
  • Brent crude hits $102.8, WTI $101.0 as Middle East conflict escalates.
  • Oil prices soared 30% on Monday as war enters second week.
  • Strait of Hormuz remains closed, disrupting 20% of global crude flow.
  • Trump calls price spike "small price to pay" to eliminate Iran nuclear threat.
With petrol at ₦1,175 and diesel at ₦1,620, the fourth hike in two weeks, Nigerians face the brutal arithmetic of war: as long as the Strait of Hormuz stays closed and crude keeps climbing, the pump will keep bleeding.

Sources: Market Reports, Channels Tv