Nigeria’s petrol market faces renewed price pressure after Brent crude settled at $116.72 per barrel, its highest closing price in nearly six months, amid growing concerns about oil supply disruptions in the Middle East.
Reuters reported yesterday, October 23, 2026, that Brent crude futures gained $3.55, or 3.14%, to settle at $116.72 per barrel, while US West Texas Intermediate crude rose $3.80, or 3.8%, to $103.27 per barrel.
The gains followed attacks by Houthi militants on Saudi Arabia, including energy infrastructure, which heightened fears of further disruptions to global oil supplies. An oil spill reported by authorities in the United Arab Emirates also added to market concerns.
Brent finished the week up about 6%, according to Reuters, reflecting a growing risk premium as traders assessed the potential impact of escalating regional tensions on oil production and shipping.
For Nigerian motorists, sustained increases in international oil prices could put additional pressure on petrol costs. However, the latest crude rally does not automatically mean another pump-price increase has been approved.
The domestic market is already contending with elevated wholesale prices. The Major Energies Marketers Association of Nigeria (MEMAN), in figures reported by Blueprint yesterday, October 23, put the estimated landing cost of imported petrol at ₦1,283.81 per litre, down from ₦1,292.88.
The same market data placed Dangote Petroleum Refinery’s gantry price at ₦1,350 per litre, while depot prices ranged between ₦1,348 and ₦1,358 per litre. The figures show that imported petrol’s estimated landing cost had declined slightly despite movements in international crude prices.
Motorists in Lagos and Abuja were reportedly paying between ₦1,370 and ₦1,429 per litre, according to the market report. Actual prices vary by location, supplier and filling station.
Dangote Petroleum Refinery raised its petrol gantry price from ₦1,265 to ₦1,350 per litre with effect from September 12, 2026, following successive adjustments in August. The refinery’s revised price was reported by The PUNCH on September 12.
The latest oil rally could affect future supply costs, although crude prices are only one factor in determining petrol prices. Refining margins, product availability, transportation, distribution expenses and marketers’ replacement costs also influence wholesale and retail rates.
Nigeria’s removal of the petrol subsidy in May 2023 means changes in supply costs can be reflected more directly in market prices. While domestic refining has reduced reliance on imported finished petrol, it has not insulated the country from international energy-market movements.
Higher fuel costs can also feed into transportation, food distribution and business operating expenses, placing additional pressure on household budgets if pump prices rise.
For now, the increase in Brent crude represents a potential source of further pressure on Nigeria’s petrol market rather than confirmation of an immediate price hike. The extent of any domestic impact will depend on how international oil prices and local supply costs evolve in the coming days.
