Despite global crude oil prices showing signs of easing after weeks of sharp gains, petrol pump prices in Nigeria have climbed to as high as N1,500 per litre in Kaduna and Benue, as marketers passed on higher landing costs following the Dangote Refinery’s latest ex-depot hike.
Brent crude fell 2.9 per cent to $104.47 per barrel, while West Texas Intermediate (WTI) eased to $99.99, both retreating from recent highs amid diplomatic talks between Iran and Gulf Cooperation Council states that raised hopes of easing tensions around the Strait of Hormuz.
The US Energy Information Administration (EIA) also raised its 2027 crude production forecast, while the International Energy Agency (IEA) cut its global demand outlook, projecting a 2.5 million-barrel-a-day contraction in 2026, adding to downward pressure on prices. Despite the moderation in international crude oil prices, petrol prices across Nigeria remain elevated, with a survey of filling stations showing sharp increases across multiple states.
LEADERSHIP checks showed that petrol price rose to N1,500 per litre at black-market outlets in Kaduna and Benue, the highest recorded in the latest price survey. In Kaduna State, motorists reported buying between N1,360 and N1,450 at major stations, with the NNPC outlet at Refinery Junction selling at N1,360, Future View at N1,415, and some black-market outlets touching N1,500. In Benue State, black-market pumps were selling at N1,500 per litre, with others at N1,450 and N1,460, while MRS Makurdi sold at N1,460 per litre.
Transport firms such as Benue Links Limited have added N500–N1,000 to fares to cushion the effect. In Abuja (FCT), checks showed that MRS was selling at N1,395, Mobil at N1,400, NIPCO at N1,430, and some outlets were recording prices as high as N1,420 per litre.
In Kogi State, a litre of fuel now goes for N1,400. In Plateau State, petrol sells at N1,465 per litre. In Kwara State, a litre costs N1,400.
In Nasarawa State, fuel pump prices range from N1,400 to N1,420 per litre. The sustained high pump prices follow Dangote Petroleum Refinery’s increase of its PMS gantry price from N1,265 to N1,350 per litre, a 6.7 per cent rise that has fed through to retail outlets.
Analysts say the lag between falling crude and still-high pump prices reflects existing stock purchased at higher costs, as well as continued pressure from exchange-rate volatility.
They noted that if crude moderation holds, pump prices could begin to reflect the decline in the coming days, though marketers have yet to signal any downward adjustment.
