Workers’ Day: Petrol prices soar to N1440 per liter

Fuel prices across Nigeria have surged to as high as N1,444 per liter following a spike in global crude oil benchmarks and recent pricing adjustments by the Dangote Refinery.

Petrol prices across Nigeria have experienced a sharp upward adjustment, with filling stations now dispensing fuel at rates between N1,364 and N1,444 per liter. A survey conducted on Thursday evening and Friday morning revealed that major marketers such as NNPCL, MRS, and Mobil have moved their prices to approximately N1,370, while independent outlets like AA Rano and Empire Energy are selling as high as N1,440 per liter. This significant jump follows a relatively stable period in February 2026 when prices hovered around N900, reflecting the intensifying pressure of global market forces on the Nigerian domestic economy.

The current price hike is closely linked to a surge in global crude oil benchmarks, with Brent and West Texas Intermediate (WTI) rising to $111 and $105 per barrel, respectively. These increases are driven by escalating geopolitical tensions in the Middle East involving Iran, the United States, and Israel, alongside the market volatility triggered by the United Arab Emirates’ recent exit from OPEC. Consequently, the Dangote Refinery and various depot owners raised their ex-depot prices to as much as N1,320 per liter earlier this week, citing the high cost of crude as the primary factor for the adjustment.

Industry experts warn that the volatility in the international market will continue to dictate local pump prices despite domestic refining efforts. Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), noted that while local production offers some relief, it cannot entirely decouple from global trends. “Though Dangote Refinery has helped cushion the impact, global crude oil price volatility is impacting the domestic market,” he said. As Nigerians face worsening economic conditions, there are growing calls for the government to intervene and mitigate the impact of these unrelenting price increases.

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