Nigeria Price Whiplash: Dangote Refinery Hikes Petrol Back to N1,175 Days After Cutting to N1,075

The Digest:

The Dangote Petroleum Refinery has reversed its recent price reduction, raising its ex-depot petrol price back to N1,175 per litre, just days after cutting it to N1,075 on March 10. The brief reduction had triggered a surge in buying activity, with depot operators selling at an average of N1,100, but they have now suspended sales to reassess pricing and stock positions. The refinery has also temporarily halted loading operations to reconcile stock levels. The latest hike is attributed to a sharp rise in global crude prices, with Brent climbing from $91 to $100 per barrel amid the escalating Middle East conflict involving the US, Israel, and Iran. The refinery has adjusted petrol prices multiple times in recent weeks in response to volatile global energy markets.

Key Points

• Dangote reverses price cut, hikes petrol to N1,175 per litre.
• Brief N1,075 price had triggered surge in depot buying.
• Depot operators suspend sales to reassess pricing.
• Refinery halts loading operations to reconcile stock.
• Crude surges to $100 amid Middle East war volatility.

A week of price swings ends where it began, N1,175 per litre, as Dangote Refinery and global crude play out the same war-driven drama.

Sources: Refinery Sources