The pump price of Premium Motor Spirit (PMS), commonly known as petrol, could rise to ₦1,000 per litre in the coming days as global crude oil prices continue to climb.
Some oil experts worry that sudden surge in crude oil prices, now above $70 per barrel, is likely to trigger another increase in the cost of both imported and locally refined petroleum products.
The development comes just after the Dangote Petroleum Refinery raised its petrol price from ₦739 to ₦839 per litre, forcing filling stations nationwide to adjust their pump prices.
On Thursday, Brent crude rose by 3.4% to settle at $70.71 per barrel, while US West Texas Intermediate climbed 3.5% to $65.42 per barrel, according to Reuters. By Friday, Brent had reached $70.89, its highest since July 2025.
Analysts say the surge is driven by fears of supply disruptions if the United States launches strikes against Iran, a major producer in the Organization of Petroleum Exporting Countries (OPEC).
“The immediate concern is the collateral damage if Iran closes the Strait of Hormuz, which carries 20 million barrels per day of oil,” said PVM analyst John Evans.
Iran was the third-largest OPEC producer in 2025, behind Saudi Arabia and Iraq, according to the US Energy Information Administration.
Marketers Warn of ₦1,000 Petrol
National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, warned that the surge in crude prices could push petrol to ₦1,000 per litre, especially in areas far from depots.
“The crude surge will definitely affect our local market. The price of petroleum products will come down if crude prices drop. But if they continue to rise, petrol could hit ₦1,000 in some places not close to refineries or depots,” Ukadike said.
He explained that crude oil and exchange rates are the main determinants of fuel prices, adding that the increase is already putting pressure on marketers’ purchasing power.
“Too much naira is now chasing a few litres of petroleum products,” he added.
Dangote Refinery’s Role
Despite the rising prices, the Dangote Refinery reaffirmed its capacity to supply volumes far above Nigeria’s daily consumption.
In a statement, the refinery said it can produce 75 million litres of petrol daily, compared to Nigeria’s estimated demand of 50 million litres. It also pledged to supply 25 million litres of diesel and 20 million litres of aviation fuel daily, far exceeding domestic needs.
“Supplying above estimated consumption reduces the need for emergency imports, strengthens inventory cover, and enhances the resilience of the domestic supply chain,” the company said.
The refinery stressed its commitment to regulatory compliance and cooperation with the Nigerian Midstream and Downstream Petroleum Regulatory Authority, assuring stakeholders of market stability.
Since Dangote’s price adjustment, filling stations in Lagos have raised their pump prices. Petrol now sells between ₦830 and ₦859 per litre, while the Nigerian National Petroleum Company Limited (NNPCL) sold at ₦849 on Friday.
MRS stations displayed ₦839, while a few outlets offered slightly lower prices.
Marketers say the landing cost of imported petrol could soon cross ₦900 per litre if crude prices remain high, making ₦1,000 per litre a realistic possibility.
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