Petrol Price in Nigeria Climbs Toward N1,400 Per Litre as Dangote Increases Rates Amid Global Oil Tensions

Petrol prices across Nigeria are edging closer to N1,400 per litre following a fresh increase in fuel loading prices by the Dangote Petroleum Refinery, as global crude oil markets react to escalating tensions in the Middle East.

The latest surge comes amid stalled diplomatic efforts between the United States and Iran over a ceasefire deal that could have paved the way for the reopening of the strategically important Strait of Hormuz, a critical route for global oil shipments.

With uncertainty surrounding the region persisting, international oil prices have continued to climb sharply. Brent crude, which traded at around $105 per barrel earlier in the week, reportedly rose to $118 per barrel by Wednesday, intensifying pressure on fuel-importing and oil-dependent economies.

Reflecting the rising cost of crude, Dangote Refinery increased its petrol gantry price from N1,200 per litre to N1,275 per litre. Industry data also showed coastal supply prices climbing to N1,215 per litre, further signaling upward pressure on retail pump prices nationwide.

Sources familiar with refinery operations disclosed that the facility temporarily halted its pro forma invoice processing on Tuesday afternoon, disrupting the regular scheduling system for product loading. The reported suspension immediately affected the sale of both petrol and diesel to marketers, creating fresh concerns over supply stability.

The price adjustment is already being felt across different parts of Nigeria, where marketers are expected to transfer the increased loading costs to consumers, potentially pushing pump prices near or above N1,400 per litre in some regions.

At the same time, the Nigerian National Petroleum Company Limited has also reportedly raised the official selling prices of all 37 Nigerian crude grades for May-loading cargoes.

Industry reports indicate that Nigeria’s flagship crude grade, Bonny Light, recorded a price increase of more than $6 per barrel compared to April, while Forcados crude rose by over $7 per barrel.

The upward adjustment suggests that Nigeria is benefiting from higher crude prices triggered by geopolitical instability, even as domestic consumers face rising fuel costs.

In addition to the Middle East crisis, market analysts are also monitoring the reported exit of the Organization of the Petroleum Exporting Countries by the United Arab Emirates, a development that has added further uncertainty to global oil supply dynamics.

For Nigerians already grappling with inflation, transport fare hikes, and increased living costs, the latest fuel price surge is expected to have ripple effects across food prices, logistics, and business operations.

As international tensions continue to shape energy markets, the outlook for fuel prices in Nigeria remains uncertain, with consumers and businesses closely watching both global oil developments and domestic supply decisions.