Petrol prices have surged above ₦1000 per litre across major cities in Nigeria, prompting concern among motorists, transport operators, and households struggling to cope with rising costs. The pump price increases have been widely reported in Lagos, Abuja, and other states, with some stations selling petrol for between ₦1,000 and ₦1,190 per litre in recent market checks.

The immediate trigger for the latest increase is linked to a recent adjustment in the ex‑gantry price of Premium Motor Spirit at the Dangote Petroleum Refinery. Within a few days, the refinery raised its petrol price at the depot to ₦995 per litre, marking the second rise in a single week. This followed an earlier increase from ₦774 per litre to ₦874 per litre, resulting in a total increase of ₦221 within days.

Global tensions and rising crude oil costs

Industry analysts and fuel marketers say rising global crude oil prices are a major factor behind the price hike. Geopolitical tensions in the Middle East, particularly involving Iran, the United States, and Israel, have pushed Brent crude oil to around US$91 per barrel. Sustained upward pressure on crude costs directly affects the price of refined products.

The conflict has also disrupted shipping routes and increased freight and insurance costs for transporting crude oil and refined products. These added logistical costs are reflected in the pricing decisions made by refineries and marketers, ultimately raising prices at the pump for consumers.

Impact of refinery pricing on retail fuel

The recent refinery price increases are directly influencing retail petrol prices. When the ex‑gantry price rises, downstream marketers typically adjust pump prices to reflect the higher cost of fuel. Since the Dangote Refinery price serves as a reference for many marketers, its changes ripple through the market quickly.

Although supply remains largely stable in many parts of the country and panic buying has not been widespread, the higher gantry price has prompted filling stations to revise retail prices. In Lagos and the Federal Capital Territory, some outlets are now charging over ₦1,040 per litre.

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged that crude be supplied to refineries like Dangote at more favourable cost terms to moderate petrol prices for consumers. IPMAN says that paying full market rates for crude contributes to rising petrol costs even when domestic supply is available.

Consumer and economic impact

The crossing of the ₦1000 per litre mark is already having visible effects. Long queues have returned at many filling stations as motorists seek fuel before further increases.

Higher petrol prices are also affecting transport services. Commercial vehicle operators have signalled potential fare hikes, which could ripple through the economy by increasing the cost of moving goods and services. Many small business owners who rely on petrol for power generation report higher operating costs and tighter margins.

Energy market watchers warn that petrol prices could remain volatile as long as global crude oil markets are unsettled. Some industry operators have cautioned that further increases could push pump prices even higher, depending on shipping costs, geopolitical developments, and logistics challenges.

For now, the jump above ₦1000 per litre illustrates how Nigeria’s fuel market remains sensitive to international energy trends and domestic pricing decisions. The experience of motorists at filling stations reflects a broader global energy environment that continues to evolve rapidly amid geopolitical uncertainty.

Meiza Nigeria