By Our Correspondent

National News – Petrol prices in Nigeria are approaching N1,400 per litre as fresh increases by the Dangote Petroleum Refinery and global oil market disruptions push costs higher across the country.

The surge, recorded on Wednesday, follows rising crude oil prices triggered by the ongoing United States-Iran conflict and the continued closure of the Strait of Hormuz, a critical global oil route.

The refinery raised its ex-depot petrol price from N1,200 to N1,275 per litre, while coastal supply rose to about N1,215 per litre.

This adjustment has immediately affected retail markets, with filling stations in Lagos and the South-West selling petrol between N1,315 and N1,350 per litre.

In northern regions and remote areas, prices have climbed closer to N1,400, with some border communities reporting figures nearing N1,700 due to supply constraints.

The price hike is linked to a jump in Brent crude from $105 to $118 per barrel within days, driven by geopolitical tensions and supply chain disruptions.

The Nigerian National Petroleum Company Limited also increased crude oil prices for May cargoes, further raising production costs for refiners.

Industry stakeholders say the volatility is making fuel pricing unpredictable.

The Petroleum Products Retail Outlet Owners Association of Nigeria warned that petrol prices could exceed N1,500 per litre if the Middle East crisis persists.

They also criticised the Federal Government for not introducing relief measures despite higher revenues from crude oil sales.

Analysts explain that Nigeria’s reliance on international pricing benchmarks means local fuel costs remain tied to global oil fluctuations, even when refining is done domestically.

Calls have intensified for a pricing model that reflects local realities and reduces dependence on dollar-based benchmarks.

Economists suggest that government intervention—such as selling crude to local refineries at controlled rates—could help stabilise pump prices and ease pressure on consumers.

However, no official policy response has been announced.