Nigeria’s petrol prices have surged sharply across the country, with Premium Motor Spirit (PMS) now approaching N1,400 per litre in several locations amid escalating global oil tensions linked to the ongoing United States–Iran crisis and disruptions around the Strait of Hormuz.
The global oil market shock has triggered a sustained rise in Brent crude, which climbed from about $105 per barrel to $118 within days, pushing up production and landing costs for refined petroleum products.
Dangote Petroleum Refinery adjusted its ex-depot petrol price upward, reflecting the pressure from rising crude oil costs, while also reportedly suspending parts of its supply process briefly due to pricing and operational adjustments.
Across Nigeria, filling stations quickly followed with price increases, with petrol now selling between N1,315 and N1,350 in parts of Lagos and the South-West, while prices in northern regions and remote areas have reportedly climbed close to N1,400 per litre.
The situation has been worsened by rising crude oil benchmarks used for pricing Nigerian crude grades. The Nigerian National Petroleum Company Limited increased official prices of several crude streams, including Bonny Light and Forcados, further influencing downstream fuel costs.
Nigerian National Petroleum Company Limited has also been linked to adjustments in crude pricing for May-loading cargoes, a move analysts say reflects global oil market volatility rather than domestic policy changes alone.
Industry stakeholders say the ongoing conflict in the Middle East, particularly tensions affecting oil transport routes such as the Strait of Hormuz, has significantly tightened global supply and driven up prices.
Retail operators have warned that pump prices could rise beyond N1,500 per litre if geopolitical tensions persist, while also noting that unpredictable pricing is making fuel distribution and planning increasingly difficult.
The Petroleum Products Retail Outlet Owners Association of Nigeria stressed that Nigeria’s fuel market remains heavily tied to international benchmarks, meaning global price shocks are directly transmitted into local pump prices.
Some experts and refiners have urged the Federal Government to adopt a domestic crude pricing framework for local refineries to reduce exposure to international volatility and stabilise fuel costs.
Economists also warn that the current trend could worsen inflation, especially transport and food prices, unless targeted government interventions are introduced to cushion the impact on consumers.
