Nigeria’s petrol prices are climbing steadily, with pump rates approaching N1,400 per litre across several regions. This surge follows rising global oil tensions, particularly the ongoing standoff between the United States and Iran, which has delayed a ceasefire and stalled the reopening of the Strait of Hormuz—a critical global oil route.
As the Middle East crisis persists, market uncertainty continues to push crude oil prices upward. In addition, the recent exit of the United Arab Emirates from OPEC has intensified supply concerns. Consequently, Brent crude rose sharply from $105 per barrel earlier in the week to $118 within days, signaling increased pressure on fuel-dependent economies like Nigeria.
Reacting swiftly, the Dangote Petroleum Refinery adjusted its petrol gantry price from N1,200 to N1,275 per litre. Data from Petroleumprice.ng further confirms that coastal supply prices also increased to N1,215 per litre. Meanwhile, operational disruptions have compounded the situation. Reports indicate that the refinery temporarily suspended its pro forma invoice process, which disrupted loading schedules and halted petrol and diesel sales to marketers.
At the same time, the Nigerian National Petroleum Company Limited (NNPC) has raised official selling prices for all 37 Nigerian crude grades for May cargoes. Notably, Bonny Light increased by $6.13 per barrel, while Forcados rose by $7.01. Although Nigeria benefits from higher crude prices, the impact on domestic fuel costs remains significant, placing additional strain on consumers and businesses nationwide.
