Petrol price hike fears are growing in Nigeria after crude oil surged to $114 per barrel. The sharp increase has raised concerns about further fuel price adjustments across the country.
Reports show that petrol currently sells between ₦1,200 and ₦1,400 per litre in several locations. This trend reflects the direct impact of global oil price movements on the domestic market.
Middle East Crisis Drives Oil Price Surge
The latest spike in crude prices follows escalating tensions in the Middle East. Attacks on key energy facilities have disrupted supply and pushed global oil prices higher.
As a result, Brent crude rose above $114 per barrel, marking one of its highest levels in recent years. The surge highlights the strong link between geopolitical events and energy prices.
Fuel Prices Already Rising Across Nigeria
Fuel prices in Nigeria have shown steady increases since the conflict began. Earlier in the year, petrol sold between ₦730 and ₦880 per litre. However, prices have now climbed significantly due to global pressures.
In addition, marketers have adjusted pump prices multiple times in response to rising costs. This has created uncertainty for consumers and businesses.
Dangote Refinery and Market Reactions
The Dangote Refinery has also adjusted its pricing structure. The refinery recently increased its ex-depot petrol price to about ₦1,175 per litre, citing global crude price trends.
Although local refining was expected to stabilise prices, global market conditions continue to influence domestic costs. Therefore, fuel prices remain sensitive to international developments.
Cooking Gas Prices Show Mixed Trends
While petrol prices rise, cooking gas prices remain relatively stable in some areas. In cities like Lagos and Abuja, rates have not changed significantly.
However, other regions such as the South-East and South-South have recorded higher prices. This variation shows uneven market responses across the country.
Global Uncertainty Raises More Concerns
The ongoing crisis continues to create uncertainty in global energy markets. Analysts warn that further escalation could push oil prices even higher.
As a result, Nigerians may face additional pressure on fuel costs in the coming weeks. The situation highlights the country’s vulnerability to global supply shocks.
Petrol price hike fears remain high as crude oil prices continue to rise. The current trend suggests that fuel costs may increase further if global tensions persist.
