The pump price of Premium Motor Spirit (petrol) could rise to as high as ₦1,000 per litre in the coming days following a sharp increase in global crude oil prices, fuel marketers have warned.
Industry players told The PUNCH that the sudden surge in international crude prices—now trading above $70 per barrel—could trigger another round of price hikes for both imported and locally refined petroleum products.
The warning comes amid recent price adjustments by the Dangote Petroleum Refinery, which raised its petrol price from ₦739 to ₦839 per litre. Global oil prices also climbed to their highest levels in five months, driven largely by rising geopolitical tensions in the Middle East.
According to Reuters, Brent crude gained over three per cent to settle above $70 per barrel, while US West Texas Intermediate (WTI) also posted strong gains. Analysts attribute the rally to fears that supplies could be disrupted if tensions between the United States and Iran escalate, particularly if Iran moves to restrict oil flows through the Strait of Hormuz—a key global shipping route.
Speaking on the development, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said crude oil prices and exchange rates remain the major determinants of fuel prices in Nigeria.
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“If the crude price surge continues, petrol could hit ₦1,000 per litre, especially in areas far from refineries or fuel depots,” Ukadike said, stressing that marketers are already under pressure due to reduced purchasing power.
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He added that higher fuel prices are slowing sales, as many consumers are cutting back on fuel consumption compared to the festive season when prices were lower.
A major oil marketer and petrol importer also confirmed that the landing cost of PMS could exceed ₦900 per litre if crude prices maintain their upward trend, noting that importing petrol is becoming increasingly expensive due to rising global prices and funding pressures.
Across Lagos, filling stations have already adjusted prices, with petrol selling between ₦830 and ₦859 per litre. NNPC retail outlets sold PMS at ₦849 on Friday, while Dangote-partnered MRS stations sold at ₦839.
Meanwhile, the Dangote Petroleum Refinery has reiterated its capacity to meet Nigeria’s fuel demand, stating it can supply 75 million litres of petrol daily—well above the country’s estimated consumption of 50 million litres. The refinery said this excess capacity would help stabilise the market, reduce imports, and strengthen Nigeria’s energy security.
Despite assurances of adequate supply, marketers insist that sustained increases in global crude prices could continue to push petrol prices higher in the domestic market.
