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Dangote Raises Fuel Prices Amid Rising Global Crude Costs

3/11/2026

43 4 Full Breakdown

Summary

Story summary

Dangote Refinery has raised the price of Premium Motor Spirit to ?1,175 per litre and Automotive Gas Oil to ?1,620 per litre.
Global crude prices rose from about $65 to nearly $120 per barrel.
Geopolitical tensions in the Middle East affect international oil markets.
PETROAN warned that prices could rise further if conflicts persist.
David Bird, Dangote's CEO, emphasized that domestic refining capacity helps secure Nigeria's fuel supply.

History

Historical Context

The 1973 Oil Crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo against nations supporting Israel during the Yom Kippur War, leading to a quadrupling of oil prices from $3 to $12 per barrel. This crisis reshaped global energy policies and economic stability, with lasting effects still evident today amid ongoing geopolitical tensions in the Middle East.

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Story summary

Dangote Refinery has raised the price of Premium Motor Spirit to ?1,175 per litre and Automotive Gas Oil to ?1,620 per litre.
Global crude prices rose from about $65 to nearly $120 per barrel.
Geopolitical tensions in the Middle East affect international oil markets.
PETROAN warned that prices could rise further if conflicts persist.
David Bird, Dangote's CEO, emphasized that domestic refining capacity helps secure Nigeria's fuel supply.

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