Fuel prices in Nigeria may reach N1,000 per litre as crude oil surges above $70, driven by geopolitical tensions and refinery adjustments.
Petrol prices in Nigeria are poised to rise to N1,000 per litre following a surge in global crude oil prices above $70 per barrel. Independent marketers warned that continued tension in the Middle East, particularly US-Iran hostilities, could further escalate local fuel costs. “The crude surge will definitely affect our local market,” said Chinedu Ukadike of IPMAN.
The Dangote Petroleum Refinery confirmed it can supply volumes above national demand, easing immediate shortages but signalling potential price pressures. Domestic pump prices already range between N830 and N859 per litre in Lagos. Marketers noted that rising costs are slowing sales, with consumers reducing consumption amid the anticipated increase.