Dangote Refinery Increases Petrol Price

Dangote Refinery has increased the petrol price.

Philips News reports that Dangote Petroleum Refinery has increased the ex-depot price of petrol by N75.

The Dangote Petroleum Refinery announced the increase on Wednesday, hiking the price from N1,200 to N1,275 per litre. In the same way, coastal prices have gone up to N1,215 per litre.

Meanwhile, PhilipsNews reports that the hike is coming on the same day Brent crude surged to $115 per barrel and West Texas Intermediate to $103 per barrel.

Global oil prices showed that both Brent and West Texas Intermediate crude rose by over 3 percent on a day-to-day basis.

This online newspaper understands that Brent at $115 per barrel is the highest since 2022, according to energy market price data. The upsurge in global oil prices comes after the United Arab Emirates announced its exit from the Organization of the Petroleum Exporting Countries, a major oil bloc.

The UAE’s exit from OPEC is coming at a time the world is grappling with a more than two-month-old war in the Middle East.