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Petrol Rises Above ₦1,400 per Litre as Brent Crude Tops $100
Petrol prices have surged across major Nigerian cities, with Premium Motor Spirit (PMS) now selling between ₦1,400 and ₦1,450 per litre.
In Lagos, most stations sold fuel at ₦1,400–₦1,430, while MRS sold at ₦1,395. In Abuja, prices ranged from ₦1,400 to ₦1,450.
The increase follows a sharp rally in global crude oil prices, with Brent climbing above $100 a barrel and topping $107 last week.
As of Sunday, Brent traded at $104.61, more than 50% higher than pre-crisis levels. Disruptions in the Middle East and concerns over oil flows through the Strait of Hormuz have driven the surge.
Domestic refiners and importers have adjusted pump prices in response to higher crude costs. Petrol had already risen from around ₦830 per litre before the crisis to above ₦1,300 in many parts of Nigeria.
Consumers fear prices could hit ₦1,500. On X, @TheoAbuAgada warned that Dangote Refinery’s gantry price increase from ₦1,265 to ₦1,350 could push retail prices to ₦1,500. Other users lamented the normalisation of rising costs, noting the strain on transport fares and household budgets.
Critics also linked the surge to government policy. One user wrote: “Tinubu met petrol price at ₦165 per litre but increased it to ₦1,500 now. Nigerians should reject APC everywhere.” Others stressed that even ₦900 per litre was unaffordable for most citizens.
Dangote Refinery explained that its pricing model is not tied to daily crude fluctuations, as crude is purchased under contracts linked to monthly averages. This means local fuel prices do not immediately fall when global benchmarks ease.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority [NMDPRA] attributed volatility to crude sourcing costs, logistics, exchange rates, and reliance on limited refining sources.
“Petrol pricing in Nigeria is now fully deregulated and therefore subject to market forces,” said spokesman George Ene-Ita.
