Petrol prices spike to N1,345/L as global crude tensions grip Nigeria

Nigeria's petrol market has experienced sharp price escalation, with per-litre costs now sitting at N1,345—a substantial increase from the N1,210-N1,275 range that prevailed just two weeks earlier. This upturn has intensified pressure on motorists, transportation operators, and businesses already managing elevated operating costs.

Leadership from IPMAN and PETROAN have attributed the movement to two primary drivers: climbing expenses associated with fuel procurement and evolving conditions in global oil markets. Geopolitical upheaval has pushed Brent crude beyond the $95-per-barrel threshold, with instability emanating from the Strait of Hormuz serving as the primary catalyst.

Following military strikes on Iranian targets—which themselves were reactions to alleged mining attempts and assaults on military assets—this vital shipping lane has become increasingly volatile. The resultant pressure on crude valuations cascades globally, directly raising the costs Nigerian importers face when acquiring petroleum supplies.

Pricing adjustments have also emanated from the Dangote Petroleum Refinery. Its diesel quotations shifted upward by N100 per litre on September 4, 2026, climbing from N1,750 to N1,850—marking the second such revision in recent weeks.

When the refinery modifies gantry pricing, independent retailers typically follow suit by recalibrating their own pump charges. Marketers have signalled that price relief could emerge in coming days.

According to statements from IPMAN's National Publicity Secretary, arriving petroleum cargo should reach Nigerian markets within the near term, potentially prompting downward revisions once these products become accessible. However, the exact timeframe for these deliveries remains subject to uncertainty, as marketers continue awaiting confirmation regarding when supply operations commence.

Across the Federal Capital Territory, filling stations are preparing to recalibrate pricing as soon as fresh inventory becomes obtainable.