BREAKING: Dangote Refinery increases petrol price to N865/litre

The Dangote Refinery has raised its petrol price to N865 per litre, marking a ₦50 increase from its previous rate of ₦815 per litre.

This adjustment follows the suspension of the Naira-for-crude oil exchange agreement between the refinery and the Federal Government.

Major oil marketers, including MRS, have commenced lifting products from the 650,000 barrels-per-day capacity refinery, even as market watchers express concern over the price hike.

Earlier in 2025, the refinery had implemented multiple price reductions, with petrol last selling at ₦815 per litre before the latest increase.

Despite a drop in global crude oil prices to $59 per barrel as of yesterday, refining costs remain elevated—largely due to the high cost of importing crude in U.S. dollars, a burden that has offset potential savings.

Industry analysts had anticipated a drop in pump prices in response to lower crude prices, but those hopes have been dashed by the continued strain of dollar-based importation and operational expenses.