Pump prices of Premium Motor Spirit (petrol) are climbing sharply across Nigeria, edging close to N1,400 per litre in several locations, as escalating tensions in the Middle East continue to rattle global oil markets.
The spike follows the failure of the United States and Iran to reach a ceasefire agreement, prolonging uncertainty over the reopening of the Strait of Hormuz, a critical passage for global crude supply.
The situation has been further compounded by the reported exit of the United Arab Emirates from the OPEC, adding pressure to an already volatile market.
Global oil prices have reacted swiftly. Brent crude rose from $105 per barrel on Monday to $118 by Wednesday, triggering a ripple effect in domestic fuel pricing.
In Nigeria, the Dangote Petroleum Refinery has adjusted its ex-depot petrol price upward, increasing the gantry loading price from N1,200 to N1,275 per litre. Coastal supply prices have also climbed to N1,215 per litre, according to industry data.
Market sources say the refinery’s pricing adjustment reflects the rising cost of crude input, with marketers expected to pass on the increase to consumers, pushing pump prices closer to the N1,400 mark.
Further tightening supply, insiders revealed that the refinery temporarily halted its pro forma invoice processing around 4 p.m. on Tuesday, disrupting loading schedules. The move reportedly led to an immediate suspension of petrol and diesel sales to marketers, intensifying concerns over product availability.
