Fresh petrol price hike looms as crude oil hits $70 (about ₦112,000) per barrel
Nigerians may face another round of petrol price increases following a sustained rise in global crude oil prices, barely three days after pump prices were adjusted nationwide.
Nigeria’s Bonny Light crude climbed to $70.30 per barrel (about ₦112,000), up from $64 last week, representing a 10 per cent increase and the highest level recorded this year. The rise is already putting fresh pressure on local fuel prices.
Global crude prices rise sharply
Brent crude, the global benchmark, increased to $70.15 per barrel from $66, while Murban crude rose to $68.01 per barrel from $65.20.
Earlier in the week, petrol pump prices were raised to an average of N850 per litre from N750, a 14.3 per cent increase. Marketers attributed the hike to rising crude oil prices, noting that crude remains the main determinant of fuel production and import costs.
At the Dangote Refinery, the gantry price of petrol rose by 14.3 per cent, from N699 per litre to N799 per litre, following the surge in crude prices.
Pump prices rise across Nigeria
Following the gantry adjustment, petrol retail outlets in Lagos, Abuja and other parts of the country raised their pump prices.
NNPC Retail outlets increased prices to N835 per litre from N815, while independent marketers implemented steeper hikes. AYM Shafa, for instance, raised its pump price from N815 per litre to N900.
Speaking on the development, the National Public Relations Officer of the Independent Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, said the increase was driven by higher crude oil prices.
“Crude oil price has increased. The refiners have also increased their price. Once your buying source increases, you will increase,” he said.
Explaining why prices were adjusted despite existing stock, Ukadike said marketers must price fuel based on replacement cost to remain in business.
Diesel prices rise at depots
Market checks showed mixed reactions across depots, with petrol prices largely unchanged on Wednesday, while diesel prices increased.
At Emadeb depot, diesel sold for N930 per litre, up from N910. Ibeto increased its price to N950 from N907, while Integrated also raised prices to N950 from N910.
Why crude oil prices are climbing
The rise in global crude prices has been linked to a decline in United States crude inventories, which fell by 2.3 million barrels in the week ended January 24, 2026, according to the US Energy Information Administration (EIA).
The decline reduced US commercial crude stockpiles to 423.8 million barrels, about three per cent below the five-year average for this period.
Market sentiment has also been influenced by geopolitical tensions, amid concerns that a possible US military strike on Iran, OPEC’s fourth-largest producer, could disrupt up to 3.2 million barrels per day of oil supply.
Experts warn of economic pressure
Petroleum economist Prof. Wumi Iledare said the rise in crude oil prices would translate into higher petrol and diesel prices in Nigeria, worsening pressure on households and businesses.
“When crude oil prices rise, petrol and other petroleum products usually follow, especially since we still import much of what we consume,” he said.
Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), described the development as a double-edged sword, noting that while government revenue may improve, energy costs would rise for consumers.
Managing Director of AHA Consultancies, Henry Adigun, said higher crude prices would inevitably lead to higher petrol prices, adding that foreign exchange volatility also contributes to the final pump price.
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A partner at Kreston Pedabo, Olufemi Idowu, warned that higher fuel prices would increase transport, production and logistics costs, further driving inflation and raising the cost of living.
