It was another tough morning for motorists in Lagos as pump prices jumped overnight, catching many off guard. Stations that dispensed petrol at ₦835 per litre barely 24 hours ago adjusted their meters upward, pushing the cost of Premium Motor Spirit (PMS) into a new price band that is already squeezing wallets and transport fares.
The Nigerian National Petroleum Company Limited (NNPCL) raised its pump price to ₦932 per litre, while private marketers including MRS and Mobil adjusted to ₦935 per litre. Checks along Awolowo Road, Ikoyi, showed prices ranging between ₦935 and ₦975 per litre, depending on the outlet, while in Abuja the Nations capital NNPCL has raised its price to ₦960. The near-₦100 increase represents one of the sharpest single adjustments seen in recent weeks.
Industry operators say the trigger is not far-fetched. Brent crude, Nigeria’s pricing benchmark, surged to $84.74 per barrel, up about 9% within hours, as geopolitical tensions escalated in the Middle East involving Iran, Israel and the United States. The renewed conflict has injected fresh volatility into the global oil market, widening risk premiums and tightening supply expectations.
For a deregulated downstream market like Nigeria’s, the transmission mechanism is almost immediate. Once crude spikes, landing costs rise, ex-depot prices adjust, and retail pumps follow. Marketers say they are simply responding to international market fundamentals and foreign exchange realities, not acting in isolation.
The ripple effects are already visible. Commercial drivers are reviewing fares, logistics operators are recalculating haulage rates, and small businesses that rely on petrol-powered generators are bracing for higher operating costs. As global tensions continue to shape crude benchmarks, Nigerians may need to prepare for sustained volatility at the pumps.