Petroleum trading activities across several depots have been disrupted after the Dangote Refinery raised its ex-depot price of petrol to ₦1,175 per litre, reversing a reduction announced earlier in the week.
Industry sources say the price adjustment came shortly after the refinery had lowered the rate to ₦1,075 per litre on March 10, a move that initially triggered increased purchases by depot operators seeking to restock at the lower price.
However, the latest increase has unsettled the downstream market, with reports that many depot owners temporarily halted transactions as they assessed the implications of the revised pricing structure.
Market insiders say the disruption also affected operations at the refinery itself, where loading activities were briefly suspended to allow for stock reconciliation and alignment with the new pricing framework.
According to industry sources, the upward adjustment is tied to developments in the international energy market, particularly the sharp rise in global crude oil prices which directly influences the cost of refining petrol.
Benchmark Brent Crude reportedly climbed from about 91 dollars per barrel to above 100 dollars during the week, while Nigeria’s Bonny Light crude also surged past the 100-dollar mark amid volatility in global markets.
Analysts attribute the spike to escalating geopolitical tensions in the Middle East involving the United States, Israel, and Iran, raising fears of supply disruptions around the Strait of Hormuz, a critical transit route for nearly one-fifth of the world’s oil shipments.
