Nigeria: Increase in gasoline prices announced

The Nigerian state oil company expects a rise in gasoline prices by about 11% due to a new agreement for procuring crude oil from the Dangote Refinery. Accordingly, the estimated price per liter in Lagos, Nigeria's commercial capital, will rise to 950.22 Naira, which is approximately 0.58 USD. The current price level is currently at 855 Naira per liter. This price jump follows the new supply agreements and is expected to impact the entire value chain of the country. Market observers are already anticipating a possible change in consumer habits. The Dangote Refinery is set to play a central role, as it gains increasing importance as a major supplier in the new contract. The market is therefore watching the upcoming developments with interest.