Nigeria's Fuel Prices Surge as Global Crude Oil Crosses $100 Per Barrel
Fuel prices across Nigeria's major depots experienced a significant increase on April 2, 2026, following a sharp surge in global crude oil prices. Both petrol, known as Premium Motor Spirit (PMS), and diesel, referred to as Automotive Gas Oil (AGO), recorded notable price hikes, highlighting renewed pressure on the downstream oil market in the country.
Detailed Price Increases for Petrol and Diesel
Data compiled by PetroleumPriceNG reveals that the average price of petrol rose modestly from approximately N1,234 per litre on April 1 to N1,242 per litre on April 2. This represents an increase of N8, or roughly 0.65 percent within a 24-hour period. In contrast, diesel saw a much steeper jump, with the average price climbing from about N1,830 per litre to N1,901 per litre, marking a N71 increase, or 3.88 percent day-on-day.
Global Crude Oil Rally Drives Depot Adjustments
The latest price movement comes amid a strong rally in the global oil market. Brent crude rose sharply to $107.6 per barrel, gaining 6.40 percent, while West Texas Intermediate (WTI) surged even higher to $111.5 per barrel, up 11.41 percent. This spike has significantly increased the replacement cost of refined petroleum products imported into Nigeria, forcing depot operators to adjust their prices upward. Industry players note that this trend reflects how closely Nigeria's fuel pricing structure is tied to international crude benchmarks, especially in a deregulated market environment.
Depot Price Variations Across Key Locations
In Lagos, petrol prices on April 2 ranged between N1,240 and N1,250 per litre. Rainoil topped the range at N1,250, while Ascon, Bono, and Aiteo sold around N1,240. Port Harcourt depots showed slightly lower levels, with Bulk Strategic at N1,240, and Master, Matrix, and Sigmund trading near N1,235 per litre. Warri recorded similar figures, with Nepal and Rainoil at N1,250, and Matrix at N1,245.
Diesel prices displayed wider variation across locations. In Lagos, Ibeto sold at N1,820, Duport at N1,800, and Swift at N1,810, while Nipco and Matrix reached as high as N1,950 per litre. In Port Harcourt and Warri, prices climbed even further, with some depots, including Matrix and A.Y.M Shafa, pushing diesel rates up to N2,000 per litre, while others remained closer to the N1,800 mark.
Diesel Faces Stronger Pressure from International Factors
Market analysts note that diesel's sharper increase is driven by its greater exposure to international cost factors. These include higher freight charges, insurance premiums, and strong industrial demand, all of which amplify price volatility. Unlike petrol, which often benefits from more stable supply chains and regulatory attention, diesel pricing tends to react more quickly to global disruptions and market fluctuations.
Economic Implications for Consumers and Businesses
The latest price adjustments signal a potential ripple effect across the broader economy. Rising diesel costs, in particular, could increase transportation and production expenses, putting additional pressure on businesses and consumers already grappling with high living costs. With crude oil prices still trending above the $100 mark, industry watchers warn that further increases in depot and pump prices may be inevitable if global conditions remain unchanged, potentially exacerbating inflationary pressures in Nigeria.
This development follows a previous report where petrol prices had recorded a modest decline across Nigeria, with private depot operators and filling stations adjusting their rates downward in response to easing global crude oil prices. However, the current surge underscores the volatility of fuel markets and their direct impact on the Nigerian economy.
