OPEC has forecast a 3.1% economic growth for 2025, which is expected to drive up crude oil demand and potentially lead to higher prices. As a result, crude oil prices have already risen to over $80 per barrel, causing the Dangote Petroleum Refinery to increase its wholesale price to N950 per liter and retail prices to range from N1,050 to N1,150 per liter in the Lagos area. The increased demand is attributed to economic expansion in countries such as China and India, which are major buyers of Nigerian crude oil. This development may lead to higher prices of petrol and other petroleum products.
The report indicates that global economic growth is projected to rise by 3.1% in 2025, slightly increasing to 3.2% in 2026. This optimistic outlook is supported by expectations of normalized inflation and monetary policy adjustments in major economies. The services sector is anticipated to drive this growth, along with a gradual recovery in industrial production.
In terms of specific countries, the U.S. growth forecast for 2025 has been increased to 2.4%, with a slight decrease to 2.3% in 2026. China’s growth remains steady at 4.7% for 2025 and 4.6% for 2026, while India’s forecast has been revised upward to 6.5% for both years. Brazil’s forecast is now 2.3% for 2025, increasing to 2.5% in 2026, and Russia’s forecast has been adjusted to 1.9% for 2025, with a slight decline to 1.5% in 2026.
In related news, Dangote Petroleum Refinery has explained that its recent ex-depot price adjustment for petrol is directly linked to rising global crude oil prices, emphasizing that any fluctuations in crude prices directly affect the cost of petrol production.
Dangote Petroleum Refinery emphasizes its commitment to providing affordable fuel to Nigerians while ensuring quality. The company has raised its ex-depot price from N899.50 to N950 per liter, a 5% increase, which is significantly lower than the 15% surge in global crude oil prices—specifically, Brent Crude rose from $70 to $82 recently, plus a $3 premium for Nigerian crude on international markets. Despite these increases, Dangote has maintained the Single-Point Mooring (SPM) price at N895 per liter.
The refinery, along with partners like Ardova, Heyden, and MRS Holdings, will sell petrol at a retail price of N970 per liter nationwide, absorbing around 50% of the international cost increases to maintain uniform pricing across Nigeria. Without this subsidy, the retail price could be between N1,150 and N1,200 per liter in some areas.
Dangote Refinery is dedicated to delivering high-quality petrol at competitive prices and promises to shield consumers from volatile global prices. The company will begin weekly publications of its ex-depot, ex-vessel, and pump prices to ensure transparency and protect consumers from exploitation. The management also praises President Bola Ahmed Tinubu for the Naira-for-Crude Initiative, which has helped maintain access to high-quality petrol while mitigating the effects of global market fluctuations.