Petrol prices across Nigeria are nearing N1,400 per litre following a fresh increase in ex-depot prices by the Dangote Petroleum Refinery amid rising global oil costs.
The refinery raised its gantry price from N1,200 to N1,275 per litre, while coastal supply prices climbed to N1,215, reflecting the impact of surging crude oil prices.
Brent crude rose sharply from $105 to $118 per barrel, driven by ongoing tensions in the Middle East, particularly the crisis involving the United States and Iran, which has disrupted oil supply routes.
The situation has been worsened by the continued blockade around the Strait of Hormuz and the exit of the United Arab Emirates from OPEC, further tightening global supply.
As a result, filling stations across Lagos and the South-West quickly adjusted pump prices to between N1,315 and N1,350 per litre, with higher prices recorded in northern regions.
Industry operators warned that petrol prices could exceed N1,500 per litre if the geopolitical crisis persists and crude oil prices continue to climb.
The Nigerian National Petroleum Company Limited also raised the official selling prices of Nigerian crude grades for May-loading cargoes, further increasing costs for refiners.
Stakeholders noted that fuel pricing in Nigeria remains tied to international benchmarks, meaning global market shocks directly affect domestic prices.
Industry experts and marketers have urged the Federal Government to introduce measures to cushion the impact on consumers, including reviewing crude pricing for local refineries.
They also called for increased domestic production and policy adjustments to reduce reliance on global pricing dynamics and stabilise fuel costs.
