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Date: March 7, 2026 l Reporter: Mensah
Petrol prices in Nigeria could rise to ₦1,050 per litre in the coming days due to increasing crude oil prices in the international market and recent adjustments in the domestic petroleum supply chain.
The potential increase follows a new price review by the Dangote Petroleum Refinery, which raised its ex-depot price of petrol from ₦774 to about ₦874 per litre. Industry stakeholders say the adjustment could push retail pump prices above ₦1,000 per litre across several parts of the country once logistics and distribution costs are added.
Petroleum marketers explained that under Nigeria’s deregulated fuel market, pump prices are strongly influenced by global crude oil costs. As international oil prices rise, the cost of producing and distributing petrol also increases, forcing retailers to adjust their prices accordingly.
Recent geopolitical tensions in the Middle East, particularly the conflict involving the United States, Israel, and Iran, have driven global crude prices higher, raising concerns about potential disruptions in oil supply. Analysts warn that if the conflict escalates further, oil prices could climb even higher, putting additional pressure on fuel prices in Nigeria.
Energy market experts say the surge in crude prices has already begun affecting petroleum markets globally, with Brent crude recently trading above $80 per barrel, a level that significantly increases the cost of refined petroleum products.
While Nigeria may benefit from higher crude oil revenues as an oil-producing nation, the impact on domestic fuel prices could worsen economic hardship for many citizens. Rising petrol costs typically lead to higher transportation fares, increased food prices, and growing inflation, affecting households and businesses across the country.
Industry analysts warn that if global crude prices continue to rise and supply disruptions persist, petrol prices in Nigeria could exceed ₦1,050 per litre, further deepening the cost-of-living crisis for millions of Nigerians