Petrol prices have risen sharply across Nigeria, with motorists now buying fuel between N1,364 and N1,444 per litre as major oil marketers and filling stations adjust their pump prices.
Checks on Thursday evening showed that key marketers, including the Nigerian National Petroleum Company Limited (NNPCL), MRS, BOVAS, AP (Ardova), and Mobil, have increased pump prices to between N1,364 and N1,370 per litre.
Other outlets such as AA Rano, Emedab, Empire Energy, and Ranoil are reportedly selling petrol at even higher rates, ranging from N1,370 to N1,440 per litre.
This represents a significant jump from about N900 per litre recorded in February 2026.
The latest increase comes less than 24 hours after Dangote Refinery and depot operators raised their gantry and ex-depot prices to N1,275 and N1,320 per litre respectively, citing rising global crude oil costs.
Market data also showed that international crude benchmarks, Brent and West Texas Intermediate (WTI), climbed to $111 and $105 per barrel amid ongoing geopolitical tensions involving Iran, the United States, and Israel.
The situation has been further influenced by the United Arab Emirates’ exit from the OPEC, which has added volatility to global oil supply expectations.
Reacting to the development, Chinedu Ukadike, spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said global crude price fluctuations are strongly affecting domestic fuel costs, despite some cushioning effects from local refining.
He noted that while domestic refining has helped moderate the impact, international market instability continues to drive prices upward.
The ongoing fuel price hike has sparked renewed concerns among Nigerians, especially as it coincides with Workers’ Day celebrations, rising living costs, and a minimum wage of N70,000, with petrol prices now approaching N1,500 per litre in some locations.