The Dangote Refinery has increased the price of petrol to N865 per litre, marking a N50 rise from its previous rate of N815 per litre.
This move comes after the suspension of the Naira for crude deal with the federal government.
Major Oil marketers, including MRS, have begun lifting petrol from the refinery, which has a capacity of 650,000 barrels per day.
The refinery had previously reduced its price to N815 per liter, its third reduction in 2025.
The decision comes despite a drop in global crude oil prices to $59 per barrel yesterday, the cost of refining remains high due to increased costs of importing crude oil in dollars.
Energy experts had expected lower petrol prices following the decline in crude oil prices, but the high refining costs have offset the benefits.
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