Petrol prices across Nigeria are climbing towards ₦1,500 per litre as the global oil market comes under renewed pressure from escalating geopolitical tensions that have disrupted shipping routes in the Gulf and the Red Sea.
The latest surge follows a sharp rise in Brent crude, which has traded above $109 per barrel after military confrontations involving Iran, the United States and Iran-backed groups heightened fears of supply disruptions through strategic maritime corridors, including the Strait of Hormuz.
The spike in crude prices has filtered into Nigeria’s downstream petroleum market, where filling stations in several cities are now selling Premium Motor Spirit (PMS) for between ₦1,400 and ₦1,500 per litre, depending on location and marketer.
Energy analysts say the latest rally in oil prices is largely being driven by concerns that continued attacks on oil infrastructure and commercial shipping could tighten global crude supplies.
Brent has climbed steadily over the past week as traders priced in the risk of prolonged disruptions to tanker movements and higher insurance costs for vessels operating in the Gulf region.
The renewed volatility has also pushed diesel prices higher in Nigeria, adding further pressure on transport operators, manufacturers and businesses that rely heavily on petroleum products for logistics and power generation.
Although Nigeria now refines a significant share of its petrol locally, domestic pump prices remain sensitive to international crude prices, exchange rate movements, logistics costs and depot pricing.
Recent increases in refinery ex-depot prices have already pushed retail petrol above ₦1,300 in many locations, with independent marketers selling at ₦1,400 and above even before the latest crude rally.
Industry operators warn that sustained Brent prices above $109 could accelerate another round of upward adjustments if global supply conditions remain tight.
The latest increase is expected to raise transportation costs nationwide, with commercial bus operators already reviewing fares in several states.
Manufacturers and small businesses that depend on petrol-powered generators are also likely to experience higher operating costs, a development economists say could translate into fresh inflationary pressure on food, goods and essential services.
While marketers say product supply remains relatively stable, consumers fear that continued instability in the international oil market could push petrol prices beyond the ₦1,500 threshold if geopolitical tensions persist.
AbdulBasit Saba is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
