Petrol Prices Surge to N1,310 Amid Global Oil Tensions

Petrol prices in Nigeria have increased to N1,310 per litre at some independent filling stations, up from N1,290 on September 7, 2026. This rise is linked to movements in depot prices and global oil market developments.

Independent marketers reported that stations like Soroman and A.Y.M Shafa were selling petrol at N1,295 per litre. The increase coincides with a sharp rise in international crude prices, with Brent crude exceeding $97 per barrel and US West Texas Intermediate crude above $92.

Goldman Sachs, through Daan Struyven, warned that crude prices could escalate to $120 if tensions in the Middle East disrupt key shipping routes. The situation worsened after the US struck Iranian oil tankers following attacks on US warships by Iran's Islamic Revolutionary Guard Corps.

Iran has threatened retaliation, raising concerns about potential sanctions on vessels in the Strait of Hormuz, a critical route for oil shipments. Sustained increases in international prices could further pressure petrol prices in Nigeria.