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After price cuts, Dangote Refinery raises petrol price amidst global oil market volatilityCrude oil prices surge due to renewed tensions in the Middle East and supply concernsAnalysts warn that recent price increases may be temporary if global oil prices stabilise
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Barely 24 hours after announcing a reduction in the price of premium motor spirit (PMS), commonly known as petrol, Dangote Refinery has adjusted its ex-depot price upward, joining several other fuel depot operators in responding to renewed volatility in the global oil market.
The latest development comes after the refinery had cut petrol prices twice within two days, lowering its ex-depot rate from N1,275 per litre to N1,250 per litre.
New petrol prices emerge after Dangote Refinery’s petrol price cut Credit: LIGHT ORIYE TAMUNOTONYE / ContributorSource: Getty Images
However, fresh market data now indicates a reversal
