Petrol prices in Abuja spiked over the weekend, with some stations selling for as high as ₦945 per litre. Oil marketers say the jump is mainly due to the rising cost of crude oil in the global market.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) said crude oil accounts for most of the cost of petrol, and the recent surge in global prices has forced them to increase pump prices.

“Once crude goes up, depot prices follow — and that affects what we sell at the pump,” said IPMAN spokesperson Chief Chinedu Ukadike.

Brent crude rose to $77.61 per barrel on Friday, up from under $60 just two weeks ago. The ongoing conflict between Iran and Israel has disrupted supply and pushed prices higher, with speculation in the market adding more pressure.

In Abuja, NNPC and MRS stations both adjusted their rates to ₦945 per litre. Sabas sold at ₦935, while Total offered the lowest price at ₦929.

Earlier this year, prices dropped briefly after the government allowed local refineries to buy crude oil in naira. But when that deal was paused, pump prices began climbing again. Marketers warn that without a steady naira-for-crude supply to the Dangote Refinery, petrol prices could stay volatile.