Petrol Prices Climb as Global Oil Surge Pressures Nigerian Refiners

Petrol prices across Nigeria have moved upward in recent trading, with independent filling stations in Lagos now charging between N1,266 and N1,310 per litre, reflecting volatility tied to movements in the global crude market. The price trajectory tracks a sustained rally in international oil benchmarks, with Brent crude trading above $97 per barrel and West Texas Intermediate near $94 per barrel as of early September trading sessions.

The refinery operator most directly affecting Nigerian pump prices—Dangote Refinery—has indicated it may adjust its wholesale rates further if the upward pressure on crude continues. Analysts warn that crude prices nudging toward the $100 mark create conditions for additional hikes at the pump in the coming days.

Meanwhile, independent marketers have reduced depot purchase prices from highs near N1,315 per litre to around N1,270, offering temporary relief even as international factors threaten fresh increases. Geopolitical developments have amplified price pressures.

Escalating tensions between the United States and Iran following military strikes on Iranian oil tankers have raised trader concerns about potential supply disruptions along the Strait of Hormuz, a critical shipping route. This risk premium has contributed to crude climbing, with financial analysts at Goldman Sachs projecting prices could climb as high as $120 per barrel if Middle East tensions worsen.

The secondary market for petrol at depot level shows competition among retailers, though this has provided only modest relief. Diesel prices have also climbed, trading between N1,800 and N1,935 per litre depending on location and retailer.

The price movements reflect how Nigerian fuel costs remain tethered to international crude benchmarks despite domestic refining capacity, leaving consumers exposed to global market swings and geopolitical shocks.