Petrol prices climbed across Nigeria on Tuesday following a fresh increase in ex-depot rates, as oil marketers and refinery operators called on the Federal Government to widen crude oil supply to local refineries under the naira-for-crude arrangement.
The latest adjustment came after the Dangote Petroleum Refinery reviewed its gantry price upward from N774 to N874 per litre, citing rising global crude prices and higher replacement costs linked to renewed tensions in the Middle East.
Retail outlets quickly reflected the change. In Lagos and Ogun states, pump prices ranged between N925 and N937 per litre, depending on location. In Abuja, major stations raised prices to between N960 and N975 per litre, pushing petrol closer to the N1,000 mark in the Federal Capital Territory.
Industry groups say the surge underscores the need to strengthen domestic refining through consistent crude supply in local currency. The Petroleum Products Retail Outlet Owners Association of Nigeria urged the government to prioritise local refineries, especially the Dangote plant, to cushion the impact of external shocks on the downstream sector.
PETROAN warned that escalating hostilities in the Middle East particularly around the Strait of Hormuz, a key global oil transit route have tightened supply expectations and increased price volatility. With a significant portion of the world’s crude shipments passing through the corridor, any disruption typically drives up international benchmarks.
Brent crude climbed above $85 per barrel, while U.S. West Texas Intermediate also posted strong gains. Analysts caution that sustained instability could push crude prices toward $100 per barrel, which may translate to further pump price increases in Nigeria’s deregulated fuel market.
Similarly, the Crude Oil Refineries Association of Nigeria called for a broader implementation of the naira-for-crude policy. The association argued that enabling refineries to access feedstock in naira would reduce exposure to foreign exchange fluctuations, lower operational costs, and stabilise fuel pricing.
CORAN added that expanding crude allocation to modular refineries would improve diesel and petrol output, easing pressure on businesses that rely heavily on automotive gas oil for operations.
