PETROL PRICE REACHES NEW HIGH AMID IRAN-US-ISRAEL TENSIONS — REPORT
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Agency report
Prices of Premium Motor Spirit (PMS) have begun rising across petrol stations nationwide amid a sharp surge in global crude oil prices above the $80 per barrel mark.
The development follows a report by Petroleumprice.ng indicating that the Dangote Petroleum Refinery & Petrochemicals increased the ex-depot price of petrol from ₦774 to ₦874 per litre, representing a ₦100 hike.
An economist, Paul Alaje, on Monday warned that petrol prices in Nigeria could climb to about ₦1,000 per litre if the ongoing conflict involving the United States, Israel, and Iran is not effectively managed.
Alaje, the Chief Economist at SPM Professionals, made the remarks during an appearance on Channels Television’s Politics Today, against the backdrop of escalating geopolitical tensions in the Middle East.
He explained that increases in crude oil prices typically translate into higher costs for refined petroleum products such as petrol, diesel, and aviation fuel, with far-reaching implications for businesses and households.
According to the report, petrol loading—which was alleged to have been halted on Sunday midnight—has now resumed at the new price, while Proforma Invoice (PFI) issuance has reopened strictly based on the revised rate.
Meanwhile, approved marketers around the refinery have begun adjusting their pump prices in response to the increase.
Market checks showed that several marketers are now selling PMS at ₦900 per litre, while a few depots have fixed prices slightly lower at ₦895 per litre.
The swift adjustment highlights the direct impact of rising crude oil prices on Nigeria’s downstream petroleum market, with further price changes expected as operators reassess replacement costs.
“While crude oil goes up, we all need to check the impact on our economy. The first thing you see is high inflation, because as crude oil goes up, the cost of PMS, diesel, and Jet A-1 will also follow.
“As that is going on, about nine percent has already attracted more cost for PMS in Nigeria, and by the end of April, we project that if the war is not properly managed, it might get to ₦1,000 plus for PMS in Nigeria.
“If PMS is ₦1,000, you can imagine what diesel will be; you can imagine what flight tickets will be. It will affect the poor, the middle class, and, of course, the rich,” the economist said.
Dangote Refinery had yet to issue an official statement on the latest price increase as of the time of filing this report.
Meanwhile, President of Dangote Group, Aliko Dangote, unveiled plans to expand into steel production, electricity generation, and port development as part of a broader strategy to accelerate industrialisation across Africa.
In a statement on Monday, Dangote, whose conglomerate operates in cement, sugar, salt, fertiliser, and petrochemicals, said his long-term vision is to deepen Africa’s manufacturing base beyond oil refining and position the continent as a global industrial force.
His flagship project, the Dangote Petroleum Refinery & Petrochemicals, is currently operational and producing about 650,000 barrels of refined products daily.
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