Barely days after an upward review of petrol pump prices, Nigerians may be bracing for another increase as crude oil prices continue to rise on the international market.
Findings by Dip Connect Online News show that Nigeria’s Bonny Light crude climbed to $70.30 per barrel from $64 last week, marking about a 10 per cent increase and the highest level recorded this year. Brent crude also rose to $70.15 per barrel from $66, while Murban crude increased to $68.01 per barrel from $65.20.
Earlier in the week, petrol stations raised pump prices to an average of N850 per litre, up from N750 sold on Monday, representing a 14.3 per cent increase. Marketers attributed the hike to rising crude oil prices.
Both the Dangote Refinery and oil marketers justified the increase, noting that crude oil remains the major determinant of production input costs. However, while crude prices rose by about 6.2 per cent, local petrol prices jumped by 14.3 per cent, suggesting that retail price adjustments outpaced the rise in crude oil costs.
The increase in crude prices also pushed the gantry price of petrol at the Dangote Refinery up by 14.3 per cent, from N699 per litre to N799 per litre. Following this adjustment, petrol retail outlets in Abuja, Lagos and other parts of the country raised their pump prices.
NNPC Retail outlets increased prices to N835 per litre from N815, while other marketers recorded sharper hikes. For instance, AYM Shafa raised its pump price from N815 per litre to N900.
The National Public Relations Officer of the Independent Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, blamed the hike on rising crude oil prices.
“Crude oil price has increased. The refiners have also increased their price. Once your buying source increases, you will increase. Dangote has increased by over N110,” he said.
Explaining why marketers adjusted prices despite having old stock, Ukadike said: “The crude oil price didn’t increase overnight. Even if we sell old stock, we cannot replace it at the old price. The buying rate and margin are now higher. Marketers have to adjust to remain in business.”
Market checks by Dip Connect Online News showed mixed reactions yesterday, as petrol pump prices largely remained unchanged, while diesel prices rose at several depots. Diesel sold for N930 per litre at Emadeb, up from N910, while Ibeto increased its price to N950 from N907. Integrated also raised its price to N950 from N910.
The surge in crude oil prices has been linked to a sharp drop 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, commercial crude stockpiles declined to 423.8 million barrels, about three per cent below the five-year average for this period.
Global prices were also pressured by fears that a possible US military strike on Iran, OPEC’s fourth-largest oil producer, could disrupt up to 3.2 million barrels per day of oil supply. The market reacted after US President Donald Trump warned that a “massive armada” was heading toward Iran, describing it as ready to act “with speed and violence, if necessary.”
There were also speculations that US warships had already entered the Middle East from the Asia-Pacific region amid escalating tensions between Washington and Tehran.
Amid these developments, experts warn that Nigeria’s petroleum sector remains vulnerable. Petroleum economist Prof. Wumi Iledare said rising crude prices driven by global political tensions would likely translate into higher petrol and diesel prices locally.
“For Nigeria, this means higher transport costs, rising prices of goods, and increased pressure on household budgets,” he said, adding that businesses and households would continue to feel the strain.
Elijah Adeyemi
