The Dangote Refinery has announced an increase in the price of petrol by ₦75, bringing the new price to ₦1,275 per litre, while diesel has risen by ₦200 to ₦1,950 per litre. This development has attracted attention from the public and stakeholders in the energy sector, given the critical role fuel prices play in the economy.
A report by Punch Newspaper stated that an official of the refinery confirmed the adjustment to journalists on Tuesday night, noting that the increase was driven by fluctuations in global crude oil prices. This highlights the direct impact of international market trends on domestic fuel pricing.
Economic experts explained that rising crude oil prices in the global market often compel refineries to adjust their pricing structures to avoid losses. They also pointed out that supply challenges, geopolitical tensions in oil-producing regions, and increased global demand are among the key factors driving these changes.
On the other hand, the increase in petrol and diesel prices is expected to lead to higher transportation costs and a rise in the prices of goods and services. This may further strain household incomes, especially for low-income earners who rely on daily earnings to survive.
Some traders and transport operators have expressed concern over the hike, stating that it will increase the cost of running their businesses. They called on the government and relevant authorities to take measures to cushion the impact on ordinary citizens.
However, experts believe that if stability is restored in the global crude oil market, there is a possibility that prices may decline in the future. For now, the increase is expected to continue affecting daily life and business activities across the country.
