This is largely the effect of the recent hike in global crude oil prices,” Ukadike said. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said. According to a statement from the group, the Dangote Petroleum Refinery & Petrochemicals is now operational, producing about 650,000 barrels of refined products daily. The refinery’s N874-per-litre gantry price sets the stage for retail rates that could reach or exceed N1,000, particularly if international tensions continue to push crude oil prices higher. JPMorgan’s projections highlight potential volatility in global energy markets, especially if disruptions in the Strait of Hormuz persist.

Source: Punch March 03, 2026 04:09 UTC