Petrol prices across Nigeria are rising sharply, with many areas now recording costs close to N1,400 per litre. This increase is largely linked to ongoing tensions in the Middle East, particularly the failure of the United States and Iran to reach a ceasefire agreement. The unresolved conflict has affected global oil supply routes, especially the Strait of Hormuz, a key channel for transporting crude oil.
As the crisis continues, global crude oil prices have climbed significantly. Brent crude rose from $105 per barrel earlier in the week to $118 within days. This spike has had a direct impact on Nigeria’s local fuel market. The Dangote Petroleum Refinery responded by increasing its petrol loading price from N1,200 to N1,275 per litre. Coastal supply prices also rose to about N1,215 per litre.
In addition to price increases, supply disruptions have also been reported. Sources revealed that the Dangote refinery temporarily halted its invoice processing system on Tuesday afternoon, which disrupted fuel distribution schedules. This move led to an immediate pause in the sale of petrol and diesel to marketers, further tightening supply.
At the same time, Nigeria is experiencing some financial gains from the global situation. The Nigerian National Petroleum Company Limited (NNPC) has increased the official selling prices of its crude oil grades for May shipments. For example, Bonny Light crude rose by $6.13 per barrel, while Forcados increased by $7.01 per barrel. These adjustments reflect the higher global demand and limited supply caused by geopolitical tensions.
Despite these gains, the impact on ordinary Nigerians has been negative. Filling stations quickly adjusted their pump prices in response to rising costs. In Lagos and other South-West states, petrol prices jumped from about N1,250 to over N1,300 per litre within a short time. Some stations now sell between N1,315 and N1,350 per litre. In more distant regions, especially in the north, prices have climbed even higher, reaching around N1,400 per litre.
In border communities in Ogun State, the situation is more severe. Residents report paying close to N1,700 per litre due to limited supply, which they say is caused by government restrictions on fuel distribution in those areas.
Industry experts warn that prices may continue to rise if the Middle East crisis is not resolved soon. The National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, explained that fuel marketers are struggling with unpredictable price changes. This volatility makes it difficult for businesses to plan and operate effectively.
He also expressed concern that, despite increased revenue from higher crude oil prices, the government has not taken enough steps to ease the burden on citizens. Many Nigerians are now facing higher transportation and living costs as a result of the fuel price surge.
Overall, while Nigeria may benefit financially from rising global oil prices, the immediate effect on citizens is clear: higher petrol costs, supply challenges, and growing economic pressure.
