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Petrol prices have climbed above ₦1,400 per litre in parts of Nigeria after Dangote Refinery increased its wholesale price to ₦1,350. The latest increase comes as global crude prices remain above $100 amid continuing Middle East supply concerns.
Brent crude has surged above $108 a barrel as Middle East tensions threaten global oil supplies and shipping routes. In Nigeria, the rally is already raising concerns over petrol prices, transport costs and broader inflationary pressure.
Nigeria’s foreign exchange reserves have climbed above $54 billion for the first time since 2008, while the naira has strengthened significantly against the US dollar. The reserve buildup is giving the Central Bank of Nigeria a larger foreign-exchange buffer as authorities continue efforts to stabilise the currency.