LAGOS — Concerns are growing among Nigerians that the cost of Premium Motor Spirit (PMS), commonly known as petrol, as well as Automotive Gas Oil (diesel), may continue to increase following a fresh surge in global crude oil prices, which climbed above $100 per barrel on Thursday.
Earlier in the week, many citizens had anticipated a reduction in fuel prices after crude oil fell to around $92 per barrel on Wednesday, raising hopes that energy costs would decline. However, the situation changed rapidly after renewed tensions involving the United States, Israel, and Iran. The newly appointed Iranian Supreme Leader, Ayatollah Mojtaba Khamenei, reportedly maintained a firm stance that the strategic Strait of Hormuz could remain effectively closed as part of geopolitical pressure, a development that immediately affected global oil supply expectations.
Both Dangote Petroleum Refinery and the Nigerian National Petroleum Company (NNPC) Limited had earlier announced slight reductions in petrol prices earlier in the week. This move created optimism among Nigerians that pump prices might fall further. Nevertheless, the sudden increase in crude oil prices on the international market has weakened those expectations, as higher global prices often translate to higher domestic fuel costs.
On Wednesday, crude oil had briefly dropped to about $88 per barrel, down from roughly $110 per barrel the previous day, after the International Energy Agency (IEA) confirmed that its 32 member nations agreed to release approximately 400 million barrels of oil from strategic reserves. The decision was intended to stabilize supply and reduce the impact of a possible disruption caused by the threatened closure of the Strait of Hormuz.
Despite this intervention, market stability proved short-lived. Following renewed warnings from Iranian leadership about sustaining the blockade, crude oil prices began rising again. Market monitoring indicated that prices fluctuated between $96 and $117 per barrel, depending on crude grade and trading conditions.
As of the latest market checks, petrol prices across Nigeria remain elevated, averaging around ₦1,200 per litre or higher in many locations nationwide.
Depot Owners and Marketers Maintain High Pump Prices
Market surveys conducted across major fuel depots revealed that prices have remained largely unchanged despite earlier expectations of a reduction.
In Lagos, depot operators such as Matrix, Menj, NIPCO, Pinnacle, and Rainoil reportedly sold petrol at approximately ₦1,200, ₦1,180, ₦1,175, and ₦1,200 per litre, respectively.
In Warri, depot owners including Danmarna, Matrix, Parker, Prudent, and Zamson sold at prices ranging between ₦1,200 and ₦1,205 per litre, showing little variation in market rates.
In Port Harcourt, suppliers such as Bulk Strategic, Liquid Bulk, Masters, Matrix, and Sigmund recorded prices around ₦1,150 to ₦1,220 per litre, depending on supply volume and distribution costs.
Similarly, in Calabar, depot operators including Dozzy, Fynefield, Matrix, NorthWest, and Wabeco sold petrol at about ₦1,195 to ₦1,205 per litre, confirming that the national average price remains high.
Transporters and Commuters Express Concern Over Rising Fuel Cost
Several transport operators and commuters expressed frustration over the continued increase in fuel prices, describing the situation as difficult for both businesses and daily transportation.
Some stakeholders called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to step in and ensure that oil marketers review their pump prices in line with market realities, especially when temporary price reductions occur in the global oil market.
They warned that persistent increases in petrol and diesel prices could lead to higher transportation fares, increased cost of goods, and additional economic pressure on households across the country.
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