Pump prices of Premium Motor Spirit (petrol) are approaching ₦1,400 per litre across parts of Nigeria, driven by rising global crude prices linked to tensions between the United States and Iran and disruptions around the Strait of Hormuz.

Benchmark crude, Brent crude, climbed from about $105 per barrel earlier in the week to $118, increasing the cost of refined products. In response, the Dangote Petroleum Refinery raised its ex-depot petrol price from ₦1,200 to ₦1,275 per litre, with coastal supply prices also increasing.

The price adjustments have quickly filtered into retail markets. Filling stations in Lagos State and neighbouring areas were selling petrol between ₦1,315 and ₦1,350 per litre, while prices in northern regions and remote locations climbed close to ₦1,400, with some border communities reporting figures as high as ₦1,700 per litre.

Supply constraints have also worsened the situation. Industry sources said the refinery temporarily halted its pro forma invoice processing, disrupting loading schedules and suspending petrol and diesel sales to marketers.

At the same time, the Nigerian National Petroleum Company Limited (NNPCL) raised official selling prices for all 37 Nigerian crude grades for May cargoes, with flagship Bonny Light and Forcados recording notable increases.

Market analysts say the developments reflect how global factors continue to influence domestic fuel prices, as Nigeria’s petroleum products remain tied to international benchmarks despite local refining efforts.

The National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, warned that prices could exceed ₦1,500 per litre if the Middle East crisis persists, citing volatility that has complicated business planning for fuel marketers.

He also urged the Federal Government to introduce measures to cushion the impact on consumers, noting that higher crude prices could provide fiscal gains that should be redirected to ease transportation and living costs.

Energy experts have similarly called for a review of pricing mechanisms, including reducing reliance on international benchmarks for crude supplied to local refineries, to mitigate the impact of global shocks on domestic fuel prices.

Meanwhile, geopolitical tensions remain high, with reports indicating continued pressure on Iran’s oil exports, further tightening global supply and sustaining upward pressure on prices.