January 27, (THEWILL) — Dangote Refinery has increased the price of petrol by ₦100 per litre across Nigeria, the latest move expected to have far-reaching effects on consumer spending, transportation costs, and inflationary pressures.
Industry sources say the adjustment reflects higher global crude prices, rising operational costs, and the need to sustain refinery operations amid growing domestic demand. The company supplies a significant portion of Nigeria’s refined petroleum products, meaning the hike is likely to ripple across retail and logistics sectors nationwide.
Transport unions and businesses have warned that the increase could drive up commuting and distribution costs, potentially pushing up prices for goods and services across the economy.
Analysts suggest that households and SMEs may feel the immediate impact, as fuel accounts for a large share of operating expenses and daily living costs.
Economists note that this development comes at a time when inflationary pressures remain elevated and foreign exchange volatility persists, further complicating Nigeria’s macroeconomic environment.
Dangote Refinery said the increase is necessary to maintain operational efficiency and ensure consistent supply, signalling a growing trend of domestic fuel prices moving closer to market realities.
Market watchers will be monitoring downstream pricing and consumer response in the coming weeks as the full economic impact unfolds.
Ogochukwu Onwaeze
