Petrol Prices Surge to Record Highs Across Nigerian Cities Amid Global Oil Crisis
Petrol prices in Nigeria have escalated dramatically, reaching unprecedented levels in key urban centers such as Lagos, Abuja, Kaduna, and Akure. This sharp increase, observed at major filling stations, is directly linked to ongoing disruptions in the global crude oil market, exacerbating the cost of living for millions of Nigerians.
Significant Price Hikes Recorded in Lagos and Abuja
In Lagos, multiple filling stations have adjusted their pump prices upward. MRS Oil Nigeria stations in Festac and Ikorodu raised prices from N1,232 to N1,332 per litre. Similarly, TotalEnergies outlets in Festac and along the Apapa/Oshodi Expressway increased rates from N1,250 to N1,332 per litre, with its Abule Egba station selling at N1,329 per litre. Retail outlets operated by the Nigerian National Petroleum Company Limited along Ago Palace Way and Apple Junction also hiked prices from N1,230 to N1,330 per litre.
In Abuja, NNPC stations increased pump prices to N1,361 per litre, while Shafa filling station near the Dunamis headquarters along Airport Road sold petrol at N1,370 per litre.
Price Increases Extend to Other States
The surge is not limited to Lagos and Abuja. In Akure, PetroCam filling station raised its price from N1,200 to N1,340 per litre. Across Kaduna, petrol prices hovered around N1,370 per litre, with Shema and Rano filling stations recording some of the highest rates. An NNPC outlet in Kakuri also adjusted its price upward to N1,372 per litre.
In Ogun State, SGR filling station in Mowe sold petrol at N1,350 per litre, while an MRS station along Simawa Road adjusted its price to N1,338 per litre.
Global Oil Market Instability Drives Local Price Increases
Industry analysts attribute the rising pump prices to persistent instability in the global crude oil market, fueled by tensions in the Middle East. The conflict between the US and Iran has disrupted supply chains, with security concerns affecting critical shipping routes such as the Strait of Hormuz and the Suez Canal. These routes handle a substantial portion of global oil trade, and their disruptions have pushed crude prices higher.
Data indicates that crude oil prices climbed to $114.08 per barrel on March 19, marking the highest level since May 2022.
Impact on Transportation and Inflation
The escalating cost of petrol has already led to higher transportation fares across Nigeria, with some commuters reporting that costs have doubled in recent weeks. Economists warn that sustained increases in fuel prices could further drive inflation, affecting food prices and other essential goods, thereby intensifying the economic strain on households.
Dangote Refinery Exports Amid Regional Challenges
In a related development, the Dangote Petroleum Refinery has exported 12 cargoes of refined petroleum products totaling 456,000 tonnes to five African countries. This move comes as many African nations grapple with fuel shortages and price volatility, worsened by geopolitical tensions impacting global supply chains. The products were sold to international traders on a Free on Board basis after the refinery achieved its 650,000 barrels-per-day capacity in February 2026.
