GISTSMATE MEDIA reports that the Dangote refinery has reduced the ex-gantry price of its petrol to N1,175 per litre.
Sources at the refinery told TheCable that the refinery increased the price by N100, from the previous price of N1,075 per litre on Friday.
Two days ago, the refinery reduced the price of the product to N1,075 per litre after an oil price slump.
The plant had increased its petrol price to N1,175 per litre on March 9 — up from N995 per litre on March 7 and N874 per litre on March 2.
The latest price increase coincided with a rebound in global oil prices, which hit $100 per barrel on Thursday.
The International Energy Agency (IEA), on Thursday, said the war in the Middle East is creating the largest supply disruption in the history of the global oil market, amid the ongoing Middle East war.
The agency said crude and oil product shipments through the Strait of Hormuz have fallen sharply, from about 20 million barrels per day (bpd) before the war to only a trickle recently.
According to the IEA, member countries unanimously agreed on March 11 to make 400 million barrels of oil from their emergency reserves available to the market to address disruptions stemming from the war in the region.
In a related development, the Labour Party presidential candidate in the 2023 election, Peter Obi, has said Nigeria’s recurring vulnerability to global economic shocks, particularly in the energy sector, is a direct consequence of poor planning and the absence of strategic buffers.
Obi made the observation in a post on Friday while reacting to the recent increase in fuel prices in the country, following rising tensions involving Iran which pushed global crude oil prices upward.
According to him, petrol, which sold for less than ₦1,000 per litre only a few weeks ago, now costs over ₦1,200 per litre in many parts of the country. READ MORE
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