Petrol prices have climbed to record levels across Nigeria, raising fresh concerns about inflation and economic pressure as the ongoing tensions between the United States and Iran continue to disrupt global crude oil supply chains.
Checks conducted on Monday revealed sharp price increases at filling stations across several states. In Lagos, MRS stations in Festac and Ikorodu raised pump prices to N1,332 per litre, while outlets operated by the Nigerian National Petroleum Company Limited along Ago Palace Way and Apple Junction adjusted prices to N1,330 per litre.
In Abuja, NNPC stations increased prices to N1,361 per litre, while a station near the Dunamis Headquarters sold fuel at N1,370. Similar hikes were recorded in Kaduna, where Rano filling station dispensed petrol at N1,371 per litre. Price increases were also observed in Akure and across Ogun State, reflecting a nationwide trend.
The surge is linked to rising global crude oil prices, driven by disruptions in key shipping routes. The Strait of Hormuz and the Suez Canal—both vital to international oil transport—have experienced reduced activity as major shipping operators suspend movements due to escalating geopolitical tensions.
As of March 19, crude oil prices climbed to $114.08 per barrel, marking the highest level since mid 2022. The increase is already translating into higher domestic fuel costs, with analysts warning of a ripple effect on transportation, food prices, and overall cost of living.
With Nigeria heavily reliant on imported refined petroleum products, the current global situation underscores the country’s vulnerability to external shocks. Stakeholders are now calling for urgent measures to ilize supply and cushion the economic impact on citizens.
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