Nigerian fuel marketers have warned that petrol prices could surge to N1,000 per liter following a rise in global crude oil prices beyond $70 per barrel.
The alert comes as Brent crude hovered around $70-$81 in recent trading sessions, driven by geopolitical tensions, production adjustments, and market dynamics.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) attributed the potential hike to escalating crude costs, stating that Brent crude’s climb is a major factor.
Dangote Refinery has already increased petrol pump prices at partner stations, with reports indicating a N100 per liter rise in some areas due to higher input costs.
Marketers emphasized that without subsidies, prices will continue to reflect international crude benchmarks and naira exchange rates.
The warning follows the removal of fuel subsidies, which exposed consumers to market forces. With crude prices rising amid global supply concerns, analysts note that further increases could push pump prices higher, exacerbating inflation and transportation costs.
The CBN’s forex interventions and naira stability efforts are monitored closely, as a weaker currency amplifies imported crude expenses.
The warning follows the removal of fuel subsidies, exposing consumers to market forces, amid the recent Naira appreciation to N1,490/$ in the parallel market and CBN fintech license upgrades.”
Marketers urged government support through policies that stabilize supply chains and encourage local refining. Dangote Refinery’s capacity has helped reduce import dependence, but crude volatility remains a key challenge. Consumers face potential hardship if prices reach N1,000, with calls for measures to cushion the impact.
The situation highlights Nigeria’s reliance on global oil markets and the need for sustainable energy strategies to mitigate future shocks.