petrol Expected to Cost More in Nigeria as Global Crude Oil Prices Rise
Nigeria’s fuel market is facing renewed pressure as global crude oil prices continue to climb, a trend likely to push petrol prices higher at filling stations across the country.
International oil markets saw a notable uptick in prices, with Brent crude and other benchmarks reaching multi-month highs amid geopolitical tensions and supply concerns.
On January 29, 2026, Brent crude briefly topped $70 per barrel, its highest level in five months, as investors reacted to rising tensions in the Middle East and fears of potential disruptions to oil exports from the region.
This increase reflects broader supply concerns that can translate into higher costs for refined fuel products worldwide. Domestically, Nigeria’s downstream sector is already feeling the effects. Recent reports show that petrol retailers have adjusted pump prices upward, with marketers blaming the rise in the price of crude oil on the international market for the increases.
In the past week alone, oil marketers raised pump prices significantly, reflecting the higher cost of crude as the key input for refined petroleum products. Industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN), have highlighted that the increase in crude oil costs has directly influenced the gantry prices set by major refiners such as the Dangote Refinery.
While crude oil prices climbed by roughly 6.2 per cent in recent sessions, the corresponding adjustments in petrol pricing have been even steeper more than doubling the rise in input costs in some cases as refiners and marketers factor in exchange rate dynamics, logistics, and deregulated market forces. Meanwhile, analysts warn that as long as global crude oil prices remain high or volatile, consumers should be prepared for further increases in petrol pump prices.
The lack of subsidies and a fully deregulated fuel pricing regime in Nigeria means that shifts in global markets often pass through directly to retail prices, impacting transport costs and the broader cost of living.
For motorists and the general public, this trend suggests that petrol will continue to become more expensive in the coming weeks unless crude prices temper or local factors such as exchange rate stability and increased refining capacity intervene.
Image Credit : Vanguard
Source: Vanguard
