Petrol prices have risen across major Nigerian cities as international crude benchmarks climb, with retail stations now dispensing Premium Motor Spirit (PMS) between N1,400 and N1,450 per litre. The adjustment adds to cost pressures on transport, logistics and household budgets at a time when businesses are already contending with elevated operating expenses.
Checks on Sunday showed most filling stations in Lagos selling petrol between N1,400 and N1,430 per litre, while MRS outlets dispensed at N1,395 per litre. In Abuja, pump prices ranged from N1,400 to N1,450 per litre. Domestic fuel prices have climbed sharply from around N830 per litre before the Middle East crisis earlier this year to more than N1,300 in many parts of the country.
The latest movement follows a rally in global crude markets. Brent crude crossed the $100 per barrel mark and reached $107 per barrel on Thursday. Data from oilprice.com showed Brent trading at $104.61 per barrel on Sunday, more than 50 percent above levels recorded before tensions escalated in the Middle East. Before the crisis that began on February 28, crude traded below $69 per barrel. Supply chain disruptions and concerns over reduced oil flows through the Strait of Hormuz have since pushed prices higher, raising costs across global energy markets.
Higher crude prices have translated into increased costs for domestic refiners and fuel importers, prompting fresh adjustments at retail stations. Consumer anxiety is now focused on whether pump prices will approach N1,500 per litre. On X, user @TheoAbuAgada said Dangote Petroleum Refinery had raised its PMS gantry price by N85 per litre, from N1,265 to N1,350, and warned that "from Monday we will be buying fuel at N1,500 per litre."
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has linked persistent petrol price volatility to crude oil sourcing costs, logistics expenses, transportation challenges and the country's reliance on a limited number of refining sources. According to NMDPRA's Head of Public Affairs, George Ene-Ita, petrol pricing in Nigeria is now fully deregulated and subject to market forces. He noted that the cost of acquiring crude oil feedstock, exchange rate movements and the time lag between crude procurement and refining continue to play significant roles in determining pump prices.
In July, Dangote Petroleum Refinery and Petrochemicals explained that its pricing model is not directly tied to daily fluctuations in international crude prices. The company said crude oil is often purchased weeks or months before processing under commercial supply contracts linked primarily to monthly average pricing mechanisms, meaning changes in global oil prices are not instantly reflected in local fuel prices.
