Petrol Prices in Nigeria May Reach N1,000 per Litre

Petrol prices in Nigeria are projected to increase to between N980 and N1,000 per litre following a price hike by Dangote Petroleum Refinery. Aliko Dangote, the head of Dangote Group, announced this development amid rising global crude oil prices, which have surged above $80 per barrel.

Chinedu Ukadik, a senior official at the Independent Petroleum Market Association of Nigeria, confirmed that the new retail price will depend on location and logistics. The previous price was N874 per litre, which was deemed necessary to adjust due to changes in global crude fundamentals.

The price hike comes after a temporary suspension of petrol loading operations at the refinery, effective from midnight March 2, 2026. The situation is exacerbated by heightened global oil market volatility linked to escalating tensions between the United States and Iran, raising fears of potential supply disruptions.

Analysts predict further increases in petrol and diesel prices if crude oil surpasses $90 per barrel.