The pump price of petrol in Nigeria may rise to as much as ₦1,000 per litre following the recent surge in global crude oil prices above $70 per barrel, fuel marketers have warned.

Industry operators say the increase in international oil prices is already exerting pressure on the cost of both imported and locally refined petroleum products.

The development comes amid heightened geopolitical tensions in the Middle East, which have raised fears of possible supply disruptions in the global oil market.

Global benchmark Brent crude climbed above $70 per barrel during the week, reaching its highest level in several months. Analysts note that rising crude prices typically translate into higher costs for refined products, including petrol, especially for countries that still rely partly on imports.

Speaking on the matter, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said crude oil prices and foreign exchange rates remain the major factors influencing petrol prices in the domestic market. According to him, a sustained increase in crude prices could force marketers to adjust pump prices upward.

Ukadike explained that petrol could sell close to ₦1,000 per litre, particularly in areas far from refineries and fuel depots, where transportation and logistics costs are higher. He added that marketers are already under financial pressure, as higher prices reduce their purchasing power.

He also noted that fuel consumption has slowed in recent weeks, with many consumers cutting back due to rising prices, unlike the festive period when demand was stronger.

A major oil marketer and petrol importer also confirmed that the cost of bringing petrol into the country is increasing. The marketer said the landing cost of petrol could exceed ₦900 per litre if crude oil prices remain elevated, making a pump price around ₦1,000 per litre likely under prevailing market conditions.

Across major cities, filling stations have begun adjusting their pump prices following recent increases by suppliers. In Lagos, petrol prices now vary across outlets, reflecting differences in supply sources and operating costs.

Meanwhile, the Dangote Petroleum Refinery has reiterated its capacity to meet Nigeria’s domestic fuel demand. The refinery says it can supply more petrol daily than the country’s estimated consumption, a move expected to reduce reliance on imports and improve supply stability over time.