Dangote Refinery has started selling petrol at N865 per liter, a N50 increase from its last announced price of N815 per liter.
This move comes after the suspension of the Naira for crude deal with the federal government.
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.
Despite the fall in crude oil prices to $59 per barrel yesterday, the cost of refining remains high due to increased costs of importing crude oil in dollars.
Experts had expected lower petrol prices following the decline in crude oil prices, but the high refining costs have offset the benefits. (Vanguard)
