Nigeria Faces Sharp Petrol Price Hikes as Global Oil Market Disruptions Intensify
Petrol prices at major depots across Nigeria have surged sharply, with operators reacting decisively to global oil market disruptions triggered by the escalating Israel–US–Iran conflict. Industry analysts confirm that the situation around the strategic Strait of Hormuz has intensified volatility in global energy markets, creating ripple effects that are now impacting Nigeria's downstream petroleum sector significantly.
Global Crude Oil Prices Briefly Surpass $100 Per Barrel Mark
Over the weekend, crude oil prices briefly surged past the critical $100 per barrel threshold, sending shockwaves throughout global energy markets. Despite assurances from United States President Donald Trump that efforts were underway to stabilize shipping activities around the Strait of Hormuz, the market remained jittery as geopolitical tensions persisted. The strategic waterway, through which a substantial portion of the world's oil supply passes, has reportedly been affected by tensions, leaving thousands of vessels stranded and raising legitimate fears of supply disruptions.
However, there was some relief on Monday, March 9, 2026, when crude prices dropped significantly. Brent crude fell nearly 30 percent, settling at around $93.27 per barrel after traders reacted to signs that tensions might potentially ease in the near future.
Dangote Refinery Implements Dual Price Adjustments
Amid the global price swings, the Dangote Refinery moved quickly to adjust its ex-depot petrol prices. The Lekki-based refinery reportedly raised its petrol prices twice within a single week in direct response to changing global market conditions. These adjustments have sparked fresh tension across the Nigerian fuel market, with retail petrol prices at filling stations edging closer to N1,200 per litre in some strategic locations nationwide.
Depot Owners Announce Fresh Petroleum Prices Nationwide
The impact of the refinery's price adjustments has been felt comprehensively across petroleum depots throughout Nigeria. Recent findings show that depot prices have jumped by as much as 30 percent, with operators announcing different price points following the increases. According to verified data from PetroleumPriceNG, the latest ex-depot petrol prices include:
- Dangote Refinery – N1,175 per litre
- Pinnacle Oil – N1,200 per litre
- Sahara Energy – N1,200 per litre
- Tech Oil – N1,180 per litre
- Integrated Oil – N1,190 per litre
The sharp rise has immediately led to higher pump prices at filling stations and increased transportation costs nationwide, affecting both commercial operators and private motorists.
Analysts Warn of Prolonged Price Pressure from Geopolitical Tensions
Financial analyst Osas Igho explained during a detailed phone interview that crude oil prices are often influenced heavily by geopolitical tensions. "Crude oil is a political tool for world leaders, and it is highly susceptible to tensions," Igho stated clearly. According to his professional assessment, the longer the Middle East conflict continues, the more pressure it will place on global crude production and energy prices.
He noted specifically that attacks on oil facilities across the Middle East, including in Saudi Arabia and Qatar, have disrupted supply chains and pushed energy prices higher globally, with Nigeria feeling the effects almost immediately due to its dependence on imported refined products.
Potential Relief as Brent Prices Experience Significant Drop
Despite the recent surge in depot prices, some analysts believe the market may soon stabilize. Energy policy expert Adeola Yusuf stated that the recent drop in Brent crude prices could translate into lower petrol prices if the trend continues positively. "We will soon see some relief," Yusuf expressed optimistically. "Right now, Brent prices have dipped as Donald Trump signalled a desire to push for an end to the conflict soon. If global oil prices continue to fall, we could see petrol prices ease in Nigeria as well."
For now, however, motorists across the country continue to grapple with rising fuel costs and the knock-on effect on transportation and living expenses, creating economic pressure on households and businesses alike.
Dangote Refinery Also Increases Diesel Prices Significantly
In related developments, the Dangote Petroleum Refinery has increased its ex-depot price of Automotive Gas Oil (AGO), commonly known as diesel, from N880 per litre to N1,050 per litre. This substantial hike of N170 is expected to influence pricing across private depots and bulk supply chains significantly. The renewed price pressure in Nigeria's diesel market is directly influenced by rising global crude oil prices, largely attributed to the ongoing Middle East conflict and legitimate concerns over supply disruptions.
