Dangote Refinery increased its price from N825 to N840 per litre. Rainoil’s price rose to N900 from N850, while Fynefield and Mainland adjusted theirs to N930 and N920, respectively.
The ongoing Israel-Iran conflict has triggered a spike in global crude oil prices, prompting Dangote Refinery and several depot owners to raise petrol prices in Nigeria.
According to Petroleumprice.ng, Dangote Refinery increased its price from N825 to N840 per litre. Rainoil’s price rose to N900 from N850, while Fynefield and Mainland adjusted theirs to N930 and N920, respectively. Other marketers, including Sigmund, Matrix Warri, NIPCO, and Aiteo, also increased prices.
Brent crude stood at $75.63 per barrel, and WTI at $74.03, as of Tuesday.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, said, “On a general note, any cost shift in any of the components of producing refined products will certainly affect the price.”
However, Festus Osifo of the Natural Gas Senior Staff Association accused marketers of price exploitation, claiming petrol should sell between N700 and N750.
Meanwhile, IPMAN suspended its strike over Lagos’ new truck call-up fee.