Pump prices of petrol in Nigeria could rise to as much as 1,000 naira per litre in the coming days after international crude oil prices climbed above US$70 a barrel, fuel marketers said on Friday.
The warning comes after oil prices hit their highest levels in about five months amid rising geopolitical tensions in the Middle East, stoking concerns over potential supply disruptions.
Brent crude, the global oil benchmark, settled at US$70.71 a barrel on Thursday, up 3.4 percent, while U.S. West Texas Intermediate closed at US$65.42, a gain of 3.5 percent, according to Reuters. Prices extended gains on Friday, with Brent trading at US$70.89 and WTI at US$65.80, oilprice.com data showed.
Fuel marketers say the surge in crude prices could push up the cost of both imported and locally refined petroleum products, including Premium Motor Spirit (PMS), commonly known as petrol.
Nigeria’s fuel market has already seen price increases following a recent adjustment by the Dangote Petroleum Refinery, which raised its ex-depot petrol price to N839 per litre from N739.
Speaking to journalists, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said crude oil prices and foreign exchange rates remain the key drivers of domestic fuel prices.
“If the price of crude continues to rise, the pump price of petrol will certainly be affected,” Ukadike said. “Petrol could sell for up to N1,000 per litre, especially in areas far from refineries or fuel depots.”
Oil prices jumped this week amid fears that escalating tensions between the United States and Iran could threaten supplies from the Middle East, a region that accounts for a significant share of global oil output.
U.S. President Donald Trump is considering options against Iran, including targeted actions against security forces, sources told Reuters, even as analysts warn that any disruption involving Iran could have far-reaching effects on global energy markets.
Analysts have also flagged the risk of Iran closing the Strait of Hormuz, a critical shipping route through which about 20 million barrels of oil per day pass.
“The immediate concern is the collateral damage if Iran takes action against its neighbours or shuts the Strait of Hormuz,” said John Evans, analyst at PVM, according to Reuters.
Iran was the third-largest crude producer in OPEC in 2025, after Saudi Arabia and Iraq, data from the U.S. Energy Information Administration shows.
Ukadike said rising petrol prices are placing pressure on independent marketers, reducing their purchasing power and slowing fuel sales.
“Too much naira is now chasing fewer litres of petroleum products,” he said, adding that fuel consumption has declined since the end of the December festive period as consumers cut back due to higher prices.
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Nigeria, Africa’s largest oil producer, relies heavily on imports for its fuel needs despite recent local refining efforts, making domestic pump prices sensitive to global oil movements and currency fluctuations.
