Petrol May Hit ₦1,000 Per Litre As Crude Oil Price Crosses $70 — Marketers Warn
There are growing fears across Nigeria that the pump price of Premium Motor Spirit (PMS), commonly known as petrol, may soon rise to as high as ₦1,000 per litre following a fresh surge in global crude oil prices beyond the $70 per barrel mark.
Fuel marketers disclosed this amid renewed volatility in the international oil market, warning that the sustained rise in crude prices could significantly impact both imported and locally refined petroleum products in Nigeria.
Global Crude Surge Triggers Local Price Fears
Details obtained from fuel marketers indicate that Brent crude, the global benchmark for oil pricing, recently climbed above $70 per barrel for the first time in about five months. Reports by international energy trackers showed Brent crude closing around $70.71 per barrel, while the US West Texas Intermediate (WTI) traded above $65.
According to market analysts, the surge was driven largely by escalating geopolitical tensions in the Middle East, particularly fears of supply disruptions linked to the standoff between the United States and Iran. Concerns that Iran could restrict oil shipments through the Strait of Hormuz — a key global oil transit route — have added further pressure to prices.
Akahi News learnt that such global price movements directly influence the cost of refined petroleum products worldwide, including Nigeria, despite recent gains in domestic refining capacity.
Marketers Link ₦1,000 Petrol Price to Crude, FX Pressures
Speaking with journalists, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, expressed concern that petrol prices could rise sharply if crude oil prices remain elevated.
Ukadike explained that crude oil prices and foreign exchange rates remain the two major determinants of fuel pricing in Nigeria’s deregulated downstream sector.
“Crude oil and condensate exchange rates are the major factors. Any change in either will affect how petroleum products are sold in the domestic market,” he said.
He warned that petrol could reach ₦1,000 per litre, particularly in areas far from refineries and major fuel depots, if the current crude price trend persists.
“As independent marketers, we don’t want prices to go up, but the international manoeuvres and crude price surge will affect our local market. If crude goes down, petrol prices will also come down — that’s the basic market principle,” Ukadike stated.
Akahi News gathered that marketers are already grappling with reduced purchasing power, as higher prices mean more naira is required to buy fewer litres of fuel.
Dangote Refinery Price Hike Adds to Market Pressure
The warnings come days after the Dangote Petroleum Refinery raised its petrol price from ₦739 to ₦839 per litre at the gantry, following the withdrawal of temporary festive price support.
Market checks by Akahi News revealed that the price adjustment has led to immediate changes at filling stations nationwide. In Lagos, petrol prices were seen selling between ₦830 and ₦859 per litre, while the Nigerian National Petroleum Company Limited (NNPCL) reportedly sold PMS at around ₦849 per litre.
Major marketers, including MRS — a partner of the Dangote refinery — adjusted their pump prices accordingly, though a few outlets sold slightly below the Dangote-linked rate.
Importers Warn Landing Cost May Cross ₦900
A major oil marketer and PMS importer, who spoke anonymously due to lack of authorisation, confirmed that petrol prices were likely to rise further if crude prices maintain a northward trend.
“There is serious pressure on funds to import petrol now. The landing cost could cross ₦900 per litre if global crude prices stay high,” the dealer said.
He noted that petrol had sold close to ₦1,000 per litre in the past when crude prices hovered around $75 per barrel and the exchange rate was less favourable.
“That is purely market dynamics,” he stressed.
Dangote Refinery Reassures on Supply Capacity
Amid public anxiety, the Dangote Petroleum Refinery reaffirmed its capacity to meet and exceed Nigeria’s domestic fuel demand.
In a statement, the refinery said it can supply up to 75 million litres of petrol daily against an estimated national consumption of 50 million litres. It also disclosed the capacity to produce 25 million litres of diesel daily and 20 million litres of aviation fuel, far above domestic requirements.
According to the company, excess supply enhances market stability, reduces reliance on imports, and strengthens Nigeria’s energy security.
“The availability of volumes above prevailing demand provides critical supply buffers and reduces emergency imports,” the refinery stated.
Akahi News gathered that the refinery reiterated its commitment to regulatory compliance and close collaboration with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Nigerians React As Cost-of-Living Pressure Mounts
The prospect of ₦1,000 per litre petrol has triggered widespread reactions among Nigerians, particularly on social media and public forums, where many expressed frustration over rising transport costs, inflation, and stagnant incomes.
Analysts warn that further increases in fuel prices could worsen inflationary pressures, increase transportation costs, and deepen economic hardship for millions of households.
As global crude prices remain volatile, stakeholders say Nigeria’s fuel pricing outlook will largely depend on international oil trends, exchange rate stability, and how effectively domestic refining can cushion external shocks.
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By Joseph Iyaji | Akahi News
Joseph Iyaji is a journalist, educator, and founder of Akahi G. International, Akahi Tutors, and Akahi News. Read more about him here.
Akahi News www.akahinews.org
