Dangote Refinery has implemented a nationwide increase in the price of fuel, raising the cost by ₦100 per litre in a move that is expected to significantly affect consumers and businesses across the country.
The price adjustment took effect immediately and applies to fuel supplied from the refinery to marketers and distributors nationwide. Sources within the energy sector explained that the increase was influenced by rising production and operational costs, changes in crude oil pricing, foreign exchange pressures, and the growing expenses associated with logistics and distribution across the country.
The refinery maintained that the decision was necessary to sustain operations and ensure uninterrupted fuel supply. Officials noted that maintaining stable production at such a large-scale facility requires periodic price reviews in response to market realities. Despite the increase, the refinery reaffirmed its commitment to supporting domestic fuel availability and reducing reliance on imported petroleum products.
The new fuel price has sparked concern among motorists, transport operators, and business owners. Many commercial drivers indicated that the increase would likely lead to higher transportation fares, while traders and manufacturers warned that the added cost of fuel could translate into higher prices for goods and services.
Economic observers pointed out that fuel price increases often have a ripple effect on the broader economy, particularly on inflation and cost of living, as fuel plays a central role in transportation, power generation, and distribution of goods. They noted that households may feel the impact through increased commuting costs and higher prices of essential commodities.
Meanwhile, stakeholders have called for measures to cushion the impact of the increase on ordinary citizens, urging policymakers to explore ways of stabilising energy costs. As the adjustment takes hold nationwide, attention remains on how the development will influence consumer spending, business operations, and overall economic activity in the coming weeks.