How Middle East Tensions Drive Nigerian Fuel Prices Above ₦1,000 Milestone

The struggle at the pumps has taken a fresh turn for Nigerians as the price of Premium Motor Spirit (PMS) surged to ₦1,080 per litre in several parts of Lagos this weekend.

The hike, which has left many motorists in shock, is being fueled by a volatile combination of rising international crude oil prices and a recent price adjustment from the Dangote Refinery.

A market survey conducted by Okene News Hub, across various filling stations in the Lagos metropolis revealed a grim reality for consumers. Depending on the location and the brand of the station, petrol is now retailing between ₦1,020 and ₦1,080 per litre.

This latest spike follows an upward review of the ex-depot price by the Dangote Refinery. The refinery reportedly raised its gantry rate to ₦874 per litre, citing the increased cost of purchasing crude oil on the global market. Major marketers and the NNPC have already adjusted their prices to reflect this new reality, with NNPC outlets in Lagos now selling for approximately ₦933 per litre, while independent stations push toward the ₦1,100 mark.

The local price hike is a direct ripple effect of escalating geopolitical tensions. As Brent Crude has climbed toward $92.69 per barrel, its highest level in months.

Ongoing hostilities involving the United States, Israel, and Iran have sparked fears of significant supply disruptions in the Strait of Hormuz.

Energy analysts warn that if these international conflicts persist, pump prices in Nigeria could soon breach the ₦1,100 mark as replacement costs for crude continue to climb.

While Lagosians grapple with the ₦1,080 rate, the situation is even more dire in neighboring regions. Reports reaching our newsroom from Ibadan indicate that some filling stations have already hiked prices to as high as ₦1,200 per litre.

Many independent marketers have adjusted their digital displays to reflect the new pricing structure, leading to shorter queues at the few remaining "cheaper" stations and growing frustration among transporters and small business owners who rely on petrol for power.

As fuel prices climb, the "hidden cost" is already appearing in the market. Okene News Hub notes that:

Commuter fares in major cities have already seen a 10-15% increase this weekend.

High logistics costs are threatening to reverse the slight relief Nigerians felt in early 2026, as the cost of moving produce from farms to markets rises sharply.