Dangote Petroleum Refinery has announced its fourth increase in petrol prices this March, raising the ex-depot price from N1,175 to N1,245 per litre. The notice, which was sent to marketers, cited escalating global geopolitical tensions as a primary reason for this price adjustment. The coastal price of petrol has also seen an uptick, illustrating a broader trend of rising fuel costs amid international unrest.

This latest hike follows a series of increases that began earlier in March when prices rose from approximately N774 to N875, and then further to N995 and N1,175. This series of price hikes reflects not only the impact of local market dynamics but also the influence of international factors that affect crude oil prices. The implications of such price increases can be profound, affecting transportation costs and ultimately the prices of goods and services across Nigeria.

The refinery's decision underscores the volatility of the global oil market and how such external pressures are directly felt in Nigeria’s economic landscape. As consumers brace for higher fuel costs, questions arise about the government's response and potential measures to mitigate the impact on the population. The continuous hikes highlight the ongoing challenges faced in stabilizing fuel prices, which are vital for the country’s economy.