As a deepening Middle East conflict pushes global crude prices to multi-year highs, petrol prices at filling stations throughout Lagos, In south east , Awka for instance Petrol prices have risen above N1,200 per litre at some outlets.
This is one of the sharpest short-term increases since Nigeria ended its decades-old fuel subsidy regime in 2023.
Market study conducted at many gas stations, indicate Pump prices ranged from N1,020 to N1,080 per litre, Depending on the location and operator, some independent stations exceeded N1,200.
The trigger is clearly worldwide. Amid growing geopolitical tensions in the Middle East, such as the Israel-Iran conflict and disruptions in important shipping lanes like the Strait of Hormuz, Brent crude surged to over $91 per barrel on Sunday.
The energy minister of Qatar has cautioned that if tanker movement via the strait is restricted, the market may absorb more shocks; in the worst event, some projections indicate that the price per barrel may reach $150.
Nigeria’s domestic supply chain has been directly impacted by this external demand.
The largest and most strategically important domestic fuel source in Nigeria, the Dangote Refinery, increased its ex-gantry price from N774 to N874 a litre and then again to N995 in a matter of days, a total increase of about 29 percent in less than a week.
