As the US and Iran are unable to reach an agreement on a ceasefire that would allow the Strait of Hormuz to reopen, the price of Premium Motor Spirit (petrol) is approaching N1,400 per liter in many regions of the country.
Petrol prices have been rising due to the ongoing Middle East crisis and the United Arab Emirates’ decision to leave the Organization of the Petroleum Exporting Countries on Tuesday.
Brent crude increased from $105 per barrel on Monday to $118 on Wednesday.
The Dangote Petroleum Refinery consequently increased the price of its gasoline gantry from N1,200 to N1,275 per barrel.
The refinery increased its petrol loading price from N1,200 per liter to N1,275 per liter, while coastal supply prices increased to N1,215 per liter, according to price data from PetroleumPrice.ng and confirmation from a Dangote refinery official on Wednesday.
According to a second source with knowledge of the matter, the refinery stopped entering pro forma invoices at around 4 p.m. on Tuesday, thereby interfering with regular supply scheduling throughout its loading system. According to the sources, sales of gasoline and diesel to marketers immediately stopped as a result of the suspension.
According to a report by Oilprice.com, the Nigerian National Petroleum Company Limited increased the official selling prices of all 37 Nigerian crude grades for May-loading cargoes.
The NNPC raised the price of its flagship grade, Bonny Light, by $6.13 per barrel for May compared to April, indicating that Nigeria was benefiting from the US-Iran war, according to the report. In a similar vein, Forcados saw a $7.01 increase per barrel.
Nigeria benefits from the conflict with Iran. According to the report, Nigeria’s national oil company, NNPC, has increased the official selling prices of all 37 Nigerian crude grades for May-loading cargoes. Its flagship grade, Bonny Light, has increased by a staggering $6.13 per barrel since April, while Forcados has increased by $7.01 per barrel.
