The pump prices of Premium Motor Spirit (petrol) are nearing N1,400 per litre in many parts of the country as global crude oil disruptions and geopolitical tensions continue to push costs upward.

As the crisis in the Middle East lingers, coupled with supply chain disruptions affecting global oil flows, petrol prices have continued to rise across Nigeria.

From $105 per barrel earlier in the week, Brent crude surged to $118, prompting the Dangote Petroleum Refinery to increase its petrol gantry price from N1,200 to N1,275 per litre.

Price data from market sources and confirmation from industry operators showed that the refinery adjusted its loading price upward, while coastal supply prices also rose to about N1,215 per litre.

A temporary suspension of invoice processing at the refinery reportedly disrupted normal supply scheduling, leading to a halt in petrol and diesel sales to marketers for a period.

The Nigerian National Petroleum Company Limited also adjusted official prices of Nigerian crude grades for May-loading cargoes, with Bonny Light and Forcados recording notable increases.

Retail outlets quickly reacted, with filling stations in Lagos and Ogun States raising pump prices to between N1,315 and N1,350 per litre.

Along major routes such as the Lagos-Ibadan Expressway, NNPC stations sold petrol at around N1,315, while other marketers like Mobil adjusted prices slightly higher.

In northern parts of the country and areas farther from supply hubs, petrol prices climbed close to N1,400 per litre, with some border communities reporting even higher rates due to distribution constraints.

Industry stakeholders attributed the price surge to global supply shocks linked to geopolitical tensions, including instability around key oil transit routes.

The National President of the Petroleum Products Retail Outlet Owners Association of Nigeria warned that prices could rise further if global tensions persist, noting that volatility has made planning difficult for retailers.

He also called on the government to introduce stabilisation measures to cushion the impact on consumers, especially as rising fuel costs continue to drive up transportation and food prices.

According to industry operators, Dangote Refinery’s pricing decisions reflect changes in crude oil costs, as refiners adjust to global market benchmarks.

Retailers across the country are expected to continue adjusting pump prices in line with supply costs and market conditions unless global oil prices stabilise.

Energy experts have urged government intervention to reduce the impact on consumers, including exploring domestic pricing frameworks for crude supplied to local refineries.

The ongoing situation highlights Nigeria’s continued exposure to global oil market fluctuations despite domestic refining capacity improvements.