World Oil Prices Spike 5% Following Dangote Refinery’s N100 Petrol Price Reduction

Global oil prices rebounded strongly on Wednesday, rising by more than 5 per cent after falling to $88 per barrel on Tuesday, according to market data.

Brent crude climbed to $92.43 per barrel as of 10:56 a.m. WAT, reflecting a 5.27 per cent increase. Earlier in the week, it had crossed the $ 100-per-barrel mark on Monday as tensions in the Middle East continued to push markets higher.

The price movement came a day after Dangote Petroleum Refinery announced a reduction in the ex-gantry price of Premium Motor Spirit, also known as petrol.

Anthony Chiejina, Chief Communications Officer of Dangote Group, confirmed on Tuesday that the refinery had cut the gantry price to ₦1,075 per litre from ₦1,175 per litre last week. The adjustment represents a ₦100 reduction.

The refinery also said petrol distributed through coastal channels would now be sold at ₦1,050 per litre.