BUSINESSAgain, Dangote Refinery increases petrol price to N1,175

Petrol prices in Nigeria have risen once

Petrol prices in Nigeria have risen once

Petrol prices in Nigeria have risen once again as Dangut refinery announced a new

again as Dangut refinery announced a new

again as Dangut refinery announced a new fell price of 1,175

fell price of 1,175

fell price of 1,175 naira per liter sparking fresh concerns

naira per liter sparking fresh concerns

naira per liter sparking fresh concerns among citizens and businesses across the

among citizens and businesses across the

among citizens and businesses across the country.

country.

country. The increase marks another adjustment by

The increase marks another adjustment by

The increase marks another adjustment by the refinery which has become a major

the refinery which has become a major

the refinery which has become a major supplier of refined petroleum products

supplier of refined petroleum products

supplier of refined petroleum products in Nigeria. The development is expected

in Nigeria. The development is expected

in Nigeria. The development is expected to affect transportation cost, small

to affect transportation cost, small

to affect transportation cost, small businesses, and household expenses as

businesses, and household expenses as

businesses, and household expenses as fuel prices continue to play a major

fuel prices continue to play a major

fuel prices continue to play a major role in the nation's economy.

role in the nation's economy.

role in the nation's economy. According

According

According to market analyst, the price adjustments

to market analyst, the price adjustments

to market analyst, the price adjustments may be influenced by several factors,

may be influenced by several factors,

may be influenced by several factors, including the rising cost of crude oil

including the rising cost of crude oil

including the rising cost of crude oil in the international markets, foreign

in the international markets, foreign

in the international markets, foreign exchange challenges, and operational

exchange challenges, and operational

exchange challenges, and operational costs associated with refining and

costs associated with refining and

costs associated with refining and distributing.

distributing.

distributing. The refinery owned by Africa's richest

The refinery owned by Africa's richest

The refinery owned by Africa's richest man, Aliko Dangote, was widely expected

man, Aliko Dangote, was widely expected

man, Aliko Dangote, was widely expected to help stabilize the country's f supply

to help stabilize the country's f supply

to help stabilize the country's f supply and potentially reduce the dependence on

and potentially reduce the dependence on

and potentially reduce the dependence on importing petroleum products. Since the

importing petroleum products. Since the

importing petroleum products. Since the refinery began supplying fuel to the

refinery began supplying fuel to the

refinery began supplying fuel to the local market, many Nigerians had hoped

local market, many Nigerians had hoped

local market, many Nigerians had hoped it would eventually lead to lower and

it would eventually lead to lower and

it would eventually lead to lower and more stable petrol prices. However,

more stable petrol prices. However,

more stable petrol prices. However, experts say the current pricing trend

experts say the current pricing trend

experts say the current pricing trend reflects the realities of Nigeria's

reflects the realities of Nigeria's

reflects the realities of Nigeria's deregulated market where petrol prices

deregulated market where petrol prices

deregulated market where petrol prices are determined largely by global oil

are determined largely by global oil

are determined largely by global oil prices,

prices,

prices, exchange rates, and distribution cost

exchange rates, and distribution cost

exchange rates, and distribution cost rather than fixed government subsidies.

rather than fixed government subsidies.

rather than fixed government subsidies. For millions of Nigerians who rely on

For millions of Nigerians who rely on

For millions of Nigerians who rely on petrol for transportation,

petrol for transportation,

petrol for transportation, power generation, and daily business

power generation, and daily business

power generation, and daily business operations, the new price increase could

operations, the new price increase could

operations, the new price increase could have a ripple effect on the cost of

have a ripple effect on the cost of

have a ripple effect on the cost of living.

living.

living. The transport operators in several

The transport operators in several

The transport operators in several cities have already warned that they may

cities have already warned that they may

cities have already warned that they may be forced to raise fairs of fuel prices.

be forced to raise fairs of fuel prices.

be forced to raise fairs of fuel prices. If oil prices continue to rise,

If oil prices continue to rise,

If oil prices continue to rise, economic experts say the government may

economic experts say the government may

economic experts say the government may need to introduce policies that support

need to introduce policies that support

need to introduce policies that support local refining,

local refining,

local refining, improve f distribution networks, and

improve f distribution networks, and

improve f distribution networks, and strengthen the nera in order to

strengthen the nera in order to

strengthen the nera in order to stabilize fuel prices in the long run.

stabilize fuel prices in the long run.

stabilize fuel prices in the long run. Meanwhile, citizens are urging

Meanwhile, citizens are urging

Meanwhile, citizens are urging authorities to closely monitor the

authorities to closely monitor the

authorities to closely monitor the situation and ensure that the benefits

situation and ensure that the benefits

situation and ensure that the benefits of local refining eventually translate

of local refining eventually translate

of local refining eventually translate into relief for ordinary Nigerians.

into relief for ordinary Nigerians.

into relief for ordinary Nigerians. As the debate continues over fuel

As the debate continues over fuel

As the debate continues over fuel pricing and economic reforms, many

pricing and economic reforms, many

pricing and economic reforms, many Nigerians are watching closely to see

Nigerians are watching closely to see

Nigerians are watching closely to see how the latest increase will affect the

how the latest increase will affect the

how the latest increase will affect the broader economy in the coming weeks.

broader economy in the coming weeks.

broader economy in the coming weeks. Reporting for you, I'm Susan Danielle.

Reporting for you, I'm Susan Danielle.

Reporting for you, I'm Susan Danielle. Stay connected to media Africa for more

Stay connected to media Africa for more

Stay connected to media Africa for more in-depth analysis.

in-depth analysis.

in-depth analysis. >> We must unite now. We must have one

>> We must unite now. We must have one

>> We must unite now. We must have one army. We must have one currency. We must

army. We must have one currency. We must

army. We must have one currency. We must have one foreign policy. We must be

have one foreign policy. We must be

have one foreign policy. We must be united.

And I can hear the Osakia for saying I

And I can hear the Osakia for saying I

And I can hear the Osakia for saying I do not want to be the leader of that

do not want to be the leader of that

do not want to be the leader of that country. I simply want unity. And says

country. I simply want unity. And says

country. I simply want unity. And says that we must leave here with one united

that we must leave here with one united

that we must leave here with one united government. They listen not to the Osag.

government. They listen not to the Osag.

government. They listen not to the Osag. I can still hear

I can still hear

I can still hear those immortal words

those immortal words

those immortal words of