Rising Crude Prices Push Petrol Costs Toward N1,400/Litre Across Major Nigerian Cities
- Petrol prices in Nigeria are rising toward N1,400 per litre due to the ongoing US-Iran crisis, which has pushed global crude oil prices higher
- The Dangote Refinery increased its petrol price and briefly disrupted supply, making fuel more expensive and less available
- As a result, filling stations across the country quickly raised pump prices, with some areas paying much more due to limited supply
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Petrol prices across Nigeria are climbing close to N1,400 per litre as tensions between the United States and Iran continue, with no agreement yet on a ceasefire that could reopen the Strait of Hormuz.
The situation in the Middle East has disrupted global oil supply, pushing crude oil prices upward.
Source: UGC
Adding to the pressure, the United Arab Emirates recently exited the Organisation of the Petroleum Exporting Countries (OPEC), further unsettling the oil market.
Within days, Brent crude rose sharply from $105 per barrel on Monday, April 27, to $118 by Wednesday, April 29, 2026.
Dangote Refinery and supply disruptions
As crude prices increased, the Dangote Petroleum Refinery adjusted its petrol loading price from N1,200 to N1,275 per litre. Coastal supply prices also went up to about N1,215 per litre.
Sources revealed that the refinery temporarily stopped processing pro forma invoices on Tuesday afternoon, which disrupted supply schedules. This move led to an immediate halt in petrol and diesel sales to marketers, tightening supply in the market.
An insider also disclosed that the refinery had been selling fuel below market rates, effectively absorbing part of the cost. However, with rising crude prices, maintaining such pricing has become difficult.
Impact on pump prices nationwide
The increase in costs was quickly reflected at filling stations. In Lagos and other South-West states, petrol prices rose from around N1,250 to over N1,300 per litre within a day.
According to Punch survey, stations in Lagos and Ogun sold fuel between N1,315 and N1,350 per litre, depending on location.
In northern regions and areas farther from the refinery, prices climbed even higher, nearing N1,400 per litre. In some border communities in Ogun State, residents reported paying close to N1,700 per litre due to limited supply.
Meanwhile, the Nigerian National Petroleum Company (NNPC) raised the official prices of its crude grades for May shipments. For example, Bonny Light increased by over $6 per barrel, while Forcados rose by about $7.
Source: Getty Images
This suggests that refiners may face higher costs for crude oil, which could lead to further increases in fuel prices.
Overall, the ongoing Middle East crisis and rising crude oil prices continue to put pressure on Nigeria’s fuel market, affecting petrol, diesel, and aviation fuel costs.
Dangote making more money from jet fuel export
Meanwhile, Legit.ng earlier reported that Dangote Refinery is benefiting from strong global margins on jet fuel exports, even as domestic airlines warn of potential disruptions due to rising aviation fuel prices.
The development reflects a growing tension between export opportunities and local supply challenges in Nigeria’s deregulated fuel market.
While the refinery's operations have improved fuel availability in the country, prices remain among the highest in Africa due to the absence of government subsidies.
Source: Legit.ng
