Nigerians are voicing concerns as the pump price of Premium Motor Spirit (PMS), commonly known as petrol, edges closer to N1,000 per litre in several parts of the country. The surge comes amid escalating tensions in the Middle East involving the United States, Israel, and Iran, which have unsettled international energy markets.
On Monday, Dangote Refinery raised its ex-depot price by N100, from N774 to N874 per litre. The adjustment quickly affected retail outlets nationwide.
In the capital, Nigerian National Petroleum Company Limited (NNPCL) increased pump prices in Abuja from N875 to N960 per litre. In Lagos, some independent marketers adjusted prices to N935 per litre, while several NNPCL stations temporarily stopped dispensing fuel.
The International Monetary Fund (IMF) has expressed concern over rising energy prices and potential disruptions to global trade caused by the crisis. Global benchmarks reflect the tension, with Brent crude trading above $80 per barrel, reaching around $81 amid fears of supply interruptions near the Strait of Hormuz.
Analysts warn that sustained geopolitical instability could continue to push fuel prices higher, intensifying economic pressure on Nigerian consumers already facing inflationary challenges.
