Petrol prices have risen sharply across Nigeria, with pump prices now ranging between N1,364 and N1,444 per litre, reflecting mounting pressure from rising global crude oil prices.
Findings show that major marketers, including Nigerian National Petroleum Company Limited, MRS, BOVAS, AP (Ardova), and Mobil, have adjusted their pump prices to between N1,364 and N1,370 per litre.
Other retailers such as AA Rano, Emedab, Empire Energy, and Ranoil are selling at higher rates, with prices ranging from N1,370 to N1,440 per litre.
The latest increase marks a significant jump from the roughly N900 per litre recorded in February 2026, underscoring the rapid escalation in fuel costs within a short period.
The surge follows a recent hike in gantry and ex-depot prices by the Dangote Refinery and depot operators, which raised rates to N1,275 and N1,320 per litre, respectively. The adjustment was attributed to a spike in global crude oil prices.
International benchmarks have also climbed sharply, with Brent crude rising to $111 per barrel and West Texas Intermediate (WTI) reaching $105, driven by ongoing geopolitical tensions involving Iran, the United States, and Israel in the Middle East.
Market volatility has been further heightened by the exit of the Organization of Petroleum Exporting Countries member, the United Arab Emirates, adding uncertainty to global oil supply dynamics.
Commenting on the development, Chinedu Ukadike, spokesperson of the Independent Petroleum Marketers Association of Nigeria, said global price fluctuations are directly impacting local fuel costs.
He noted that while the Dangote Refinery has helped cushion the effect, the domestic market remains vulnerable to international crude price movements.
The continued rise in petrol prices has intensified calls for government intervention, as Nigerians face worsening economic pressures.
The development comes amid May Day celebrations, with the minimum wage at N70,000 and the cost of living rising sharply as fuel prices edge closer to N1,500 per litre.
