Petrol prices across Nigeria have crossed the ₦1,300 per litre mark as global crude oil prices remain unstable. The increase has raised concerns about another hike in pump prices nationwide.
Industry data shows that depot owners are adjusting Premium Motor Spirit (PMS) prices in response to rising international crude costs and uncertainty in the energy market.
Depot Operators React to Market Volatility
Private depot operators have increased prices to reduce potential losses. Rising tensions between the United States and Iran have heightened fears of supply disruptions.
The Strait of Hormuz remains a key global oil route, handling nearly 20 percent of crude supply. Any disruption could push prices higher and worsen Nigeria’s fuel challenges.
Data from PetroleumPriceNG shows that depot prices averaged about ₦1,350 per litre within 24 hours. Major hubs such as Lagos, Warri, Port Harcourt and Calabar recorded increases.
Some operators sold petrol at varying rates. Liquid Bulk priced PMS at ₦1,325, Optima at ₦1,313, and TSL at ₦1,320 per litre. African Terminal offered petrol at ₦1,285 per litre.
Dangote Refinery Adds to Pressure
The Dangote Refinery recently increased its petrol price, adding pressure across the downstream sector.
Financial analyst Osas Igho said operators are acting cautiously due to market uncertainty. He explained that many depot owners are protecting themselves from further price changes.
Since subsidy removal and deregulation, fuel prices have reacted quickly to global trends and local supply conditions.
Nigerians Face Rising Energy Costs
Fuel costs have continued to rise since February. Diesel prices now exceed ₦2,000 per litre in several areas. Many companies have switched to cheaper energy options to cut expenses.
Liquefied Petroleum Gas has also increased in price. Dealers have added over ₦100 per kilogram, putting more pressure on households.
As costs rise, many families now rely on firewood and charcoal despite health and environmental concerns.
Global Factors Drive Local Prices
Global crude oil prices remain under pressure due to geopolitical tensions. Brent crude has climbed to about $117 per barrel, driven by conflict concerns and supply fears.
The United Arab Emirates exit from OPEC has added to uncertainty in global markets.
Outlook Remains Uncertain
With global prices fluctuating and local refiners increasing rates, petrol costs may rise further in the coming weeks. Many Nigerians now expect additional pressure on household budgets and business operations.
