By Ranti Thomas
The Dangote Petroleum Refinery has increased the ex-depot price of petrol to N1,175 per litre following a fresh rise in global crude oil prices.
The increase reverses an earlier reduction announced earlier in the week when the refinery dropped the price by N100 to N1,075 per litre.
A senior official at the refinery confirmed the latest adjustment on Friday but asked not to be named because he was not authorised to speak publicly.
According to the official, the refinery decided to raise the price after global crude prices surged, increasing the cost of refining petrol.
Market checks also confirmed the price change, which reportedly disrupted trading activities at several petroleum depots.
Some depot operators temporarily stopped transactions as they waited for clarity on the new pricing structure.
Loading operations at the refinery were also briefly suspended to allow stock reconciliation and align supplies with the updated price.
Industry sources said the increase was influenced by the sharp rise in global crude oil prices, especially Brent Crude.
Brent crude reportedly climbed from around $91 per barrel to about $100 per barrel, pushing up refining costs.
Nigeria’s crude grade, Bonny Light, also rose above $100 per barrel during the week amid tensions in the Middle East affecting global oil supply.