Fuel prices in Nigeria have surged to record levels, with some stations now selling petrol for as high as ₦960 per litre, following the rise in global crude oil prices amid the ongoing Iran-Israel conflict.
Daily Trust’s findings show prices range from ₦910 in Lagos to ₦955 in Abuja and ₦960 in Kano. Dangote Refinery recently increased its ex-depot price from ₦825 to ₦880 per litre, prompting widespread pump adjustments.
The global spike began after hostilities affected major oil routes, pushing Brent crude to over $74 per barrel. Analysts warn that if tensions persist, oil could exceed $120, driving further hikes locally.
“What we gain in oil revenue, we lose in public welfare,” said economist Dr. Muda Yusuf. “Nigerians are paying more at the pump and in transport. It risks worsening inflation if not managed.”
Independent marketers say the situation remains volatile and urge Nigerians to prepare for potential increases unless the conflict de-escalates soon.
