Petrol Nears N1,400/Litre as Dangote Raises Price Amid Global Oil Shock and Middle East Crisis

Petrol prices are edging dangerously close to N1,400 per litre across Nigeria as global oil market tensions push costs higher and local refiners adjust prices. The latest increase comes after the Dangote Petroleum Refinery raised its ex-depot petrol price from N1,200 to N1,275 per litre, triggering fresh hikes at filling stations nationwide.

The surge in fuel prices is being driven largely by escalating geopolitical tensions in the Middle East, particularly the ongoing standoff between the United States and Iran over the Strait of Hormuz. The crisis has pushed Brent crude from $105 to $118 per barrel within days, tightening global supply and raising import costs for oil-dependent economies like Nigeria.

According to market data and industry sources, Dangote Refinery’s price adjustment has already begun to ripple across the downstream sector. Filling stations in Lagos and Ogun now sell petrol between N1,315 and N1,350 per litre, while prices in northern and remote areas have climbed as high as N1,400 per litre. In some border communities, residents report even higher costs due to supply challenges.

Industry stakeholders warn that the situation may worsen if global instability continues. The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says petrol could surpass N1,500 per litre if tensions in the Middle East persist. Retailers also blame volatile pricing, crude oil benchmarks tied to international markets, and supply disruptions for the instability affecting consumers.

Meanwhile, economic experts and energy stakeholders are urging the Nigerian government to rethink its pricing framework and reduce dependence on global crude benchmarks like Brent. Calls are also growing for policies that support local refining and shield consumers from global shocks, as inflationary pressures continue to mount across the country.