Nigerians across major cities are grappling with rising petrol prices after the Dangote Petroleum Refinery increased its gantry price of Premium Motor Spirit to N995 per litre, triggering retail price adjustments nationwide and pushing pump prices above N1,000 per litre in some states.
Findings by Sunday PUNCH showed that petrol now sells between N1,000 and N1,190 per litre depending on location and retail outlet.
This has led to rising transport fares as costs of goods and services soar in many parts of the country.
Although the price increase has not triggered panic buying in most states due to steady supply, motorists, transport operators and small business owners say the new price regime is placing additional strain on household incomes already stretched by inflation.
The latest surge in petrol prices across Nigeria is closely linked to the escalating geopolitical crisis in the Middle East involving Iran, the United States and Israel, which has disrupted global oil supply chains and pushed crude oil prices upward.
The conflict intensified after joint military strikes by the United States and Israel on Iranian targets in late February 2026, leading to retaliatory attacks by Iran across the region and escalating tensions around key energy infrastructure.
One of the most critical developments in the crisis has been the disruption of shipping through the Strait of Hormuz. This is a narrow maritime corridor between Iran and the Arabian Peninsula that serves as one of the world’s most important oil transit routes.
The strait handles nearly 20 per cent of global oil and natural gas shipments, making it a vital chokepoint for international energy trade.
Following the escalation of hostilities, Iran issued warnings to vessels linked to the United States and Israel as attacks on ships in the area made maritime traffic through the strait to drop dramatically.
At one point, tanker movements fell sharply and many vessels remained anchored outside the waterway to avoid security risks.
The disruption has stranded millions of barrels of crude oil and refined products in the Gulf, raising fears of a global supply shortage.
The crises has already pushed Brent crude prices above $90 per barrel, with projections that prices could climb even higher if the conflict persists.
