Petrol prices have surged to ₦960 per litre in Abuja and ₦935 per litre in Lagos, as escalating tensions in the Middle East continue to disrupt global oil markets and ripple into Nigeria’s downstream sector.
Market checks on Tuesday showed several filling stations in the Federal Capital Territory adjusting pump prices upward, with Lagos retail outlets following closely behind. The latest increase comes amid rising international crude prices, driven by fears of supply disruptions linked to widening hostilities involving Iran, Israel and the United States.
Brent crude climbed sharply this week, crossing the $80 per barrel threshold, a development analysts say is directly influencing local pricing structures despite Nigeria’s growing domestic refining capacity.
Industry operators attribute the hike to higher replacement costs and increased risk premiums in the international market. With crude serving as the primary feedstock for refined petroleum products, any sustained spike in global oil prices typically filters down to local pump prices.
The adjustment follows a recent upward review of gantry prices by the Dangote Petroleum Refinery, which raised its ex-depot rate, a move that has triggered wider downstream reactions among marketers and depot owners nationwide.
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Energy analysts warn that if crude prices approach or exceed $90 per barrel, Nigerian consumers could face further increases in both petrol and diesel costs. They note that geopolitical instability in key oil-producing and transit regions, particularly around the Strait of Hormuz, could tighten supply chains, raise shipping and insurance costs, and sustain upward pressure on domestic fuel prices.
For households and businesses already grappling with inflation, the new pump prices are expected to translate into higher transportation fares and increased costs of goods and services.
As global tensions persist, stakeholders say the direction of petrol prices in Nigeria will largely depend on how long the international oil market remains volatile, and whether diplomatic efforts succeed in stabilising the region.