Petrol Hits N1,300 Per Litre as Middle East Crisis Sends Nigeria’s Fuel Costs Spiralling

Nigerians are facing a severe fuel price crisis following a decision by the Dangote Petroleum Refinery to raise its gantry price for Premium Motor Spirit from N995 to N1,175 per litre — a move that has pushed pump prices across the country to between N1,200 and N1,300 per litre, with some stations charging as high as N1,400. The surge is directly tied to the ongoing US-Iran conflict in the Middle East, which has sent Brent crude oil prices past $110 per barrel, with some analysts warning that prices could reach N2,000 per litre if the geopolitical situation deteriorates further. Business groups, labour unions and consumer advocates are calling on the Federal Government to intervene. The Director-General of the Lagos Chamber of Commerce and Industry, Dr Chinyere Almona, confirmed that logistics costs have already begun to climb, with cascading effects expected on food distribution and the prices of basic commodities. The Nigeria Employers’ Consultative Association has warned that sustained energy price increases will deepen inflationary pressures at a time when households are already under financial strain. Dangote Petroleum’s Managing Director, David Bird, reassured Nigerians that the refinery — which currently produces approximately 36 million litres per day against national daily consumption of 56 million litres — will continue to meet the country’s fuel needs and that Nigeria will not face the rationing or panic-buying seen in fuel-import-dependent countries.