Petrol prices across Nigeria have crossed ₦1,000 per litre, and households now feel stronger financial pressure.
Rising global oil prices and tighter crude supply continue to drive the surge.
Over the weekend of March 7–8, the Dangote Petroleum Refinery suspended petrol loading operations.
Consequently, industry sources linked the pause to pricing risks and unstable crude supply.
Crude Supply Gap Widens
The refinery needs 13–14 crude cargoes monthly to operate at full capacity.
However, the Nigerian National Petroleum Company Limited (NNPCL) supplies only about five cargoes each month.
As a result, the shortfall forces the refinery to buy crude from international traders.
In turn, those traders charge higher premiums during periods of global tension.
Meanwhile, the Federal Government now works through NNPCL to secure additional crude supply.
The authorities expect this move to support refining operations and stabilise fuel supply.
However, officials warn that petrol prices may not drop immediately.
Earlier adjustments at the Lekki refinery already pushed pump prices higher.
Pump Prices Climb Nationwide
The refinery absorbed 20% of rising crude costs to reduce the impact.
Nevertheless, marketers still carry the remaining 80%, which affects pump prices nationwide.
Consequently, retail petrol prices now exceed ₦1,100 per litre in several states.
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In some areas, filling stations sell fuel for around ₦1,200 per litre.
Earlier adjustments pushed petrol prices from ₦774 to ₦995 per litre within days.
Therefore, the increases have deepened financial pressure on Nigerian consumers.
Global Oil Tensions Rise
At the same time, global oil markets remain volatile because of geopolitical tensions.
Brent crude continues to trade near $115 per barrel.
In addition, traders worry about disruptions near the Strait of Hormuz.
The route carries about 20% of global oil supply.
Oil prices in Asia surged sharply after the conflict escalated.
Consequently, WTI crude climbed to about $119, while Brent crude rose to around $117.
Meanwhile, global leaders continue to monitor the situation closely.
Finance ministers from the Group of Seven will discuss stabilisation options with the International Energy Agency.
