The Dangote Petroleum Refinery has increased its ex-gantrypetrol price to N874 per litre. According to sources at the plant, the refinery raised theprice of the product by N100, from N774 per litre to N874. “The refinery increased its ex-gantry petrol price to N874per litre,” a source said. The development comes as global oil prices continue to surge— with brent crude rising to as high as $79 per barrel — amid escalatinggeopolitical tensions in the Middle East, which impacts the oil and gas sector. Earlier today, QatarEnergy, the state-owned energy companyof Qatar, said it had halted the production of liquefied natural gas (LNG) dueto Iranian military attacks on its operating facilities. Saudi Aramco, the state-owned oil company of Saudi Arabia,also shut down its Ras Tanura oil refinery, following a fire sparked by debrisfrom an Iranian drone attack at the facility. On Sunday, major container shipping lines suspended sailingsthrough the Strait of Hormuz and the Suez Canal over escalating security risksin the Middle East. US-Israeli strikes on Iranian targets had killed AyatollahAli Khamenei and Abdolrahim Mousavi, Iran’s supreme leader, and armed forceschief of staff, respectively. In response, Iran has since launched waves of missilesacross the region, threatening to pull its neighbours into the escalatingconflict.
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