Lagos Fuel Prices Surge Toward ₦1,100 Per Litre Amid Escalating Middle East Hostilities

Petrol prices in Lagos surge to ₦1,080 per litre as Dangote Refinery hikes ex-depot rates in response to $92 Brent crude and Middle East tensions.

By: AXL Media

Published: Mar 7, 2026, 6:29 AM EST

Source: The information in this article was sourced from Daily Trust

Global Crude Volatility Triggers Nigerian Pump Price Hikes

Energy consumers in Lagos are facing a sharp increase in transportation and operational costs as petrol prices reached ₦1,080 per litre this Saturday. The surge is a direct consequence of rising crude oil prices on the international market, where Brent crude has ascended to approximately $92.69 per barrel. Market analysts attribute this upward trajectory to intensified hostilities in the Middle East involving the United States, Israel, and Iran. The geopolitical instability has sparked widespread fears of supply disruptions, forcing local pricing structures to adjust rapidly to the increasingly expensive global energy landscape.

Dangote Refinery Adjusts Ex-Depot Rates Upward

The immediate catalyst for the domestic price spike is a substantial adjustment in the ex-depot rate at the Dangote Refinery. The facility recently raised its wholesale price to ₦995 per litre, up from a previous rate of ₦874, to account for the higher cost of raw crude acquisition. Because the refinery’s pricing is tethered to international market benchmarks, the recent global volatility has been passed through to fuel marketers almost immediately. This shift determines the baseline rate at which distributors purchase Premium Motor Spirit before adding logistics and retail margins at the pump.

Regional Disparities and Escalating Costs in Ibadan

While the average price in the commercial capital of Lagos hovers near ₦1,080, other regions are reporting even steeper costs for motorists. In Ibadan, current market checks indicate that petrol is being sold for as much as ₦1,200 per litre in several areas. These regional variations often reflect additional haulage costs and localized supply pressures. Throughout Lagos, filling stations have been seen actively updating their signage to reflect the new pricing structure, with many retail outlets struggling to maintain consistent inventory under the new high-cost regime.