Petrol hits ₦1,450 as Brent crude climbs past $107

The spike: Petrol now sells for ₦1,400–₦1,450 per litre across Nigeria. In Lagos, most stations dispensed at ₦1,400–₦1,430 on Sunday, 13th of September 2026; MRS sold at ₦1,395. In Abuja, pump prices also ranged from ₦1,400 to ₦1,450.

The trigger: Dangote Refinery lifted its gantry price from ₦1,265 to ₦1,350 per litre, adding ₦85 to wholesale costs before transport and margin. Petrol was around ₦830 per litre before the Middle East crisis earlier this year; it topped ₦1,300 in many areas before this latest jump.

Global context: Brent crude traded at $107.46 on September 15, up from around $100 earlier in the week. Saudi Arabia closed its East-West pipeline after attacks from Iraqi territory, suspending infrastructure that moves 7 million barrels per day to the Red Sea—an alternative to halted shipments through the Persian Gulf due to the Iranian blockade.

Why it matters

Pressure on households: The surge in crude above $100 per barrel is creating fresh pressure on transporters, commuters and businesses. MRS raised prices 7.7% (₦100) in Lagos alone. Nigeria remains a net importer of refined products despite producing crude, so global oil shocks flow directly to the pump. Higher fuel costs ripple into transport, food and manufacturing, and logistics-heavy counters on the NGX for margin squeeze. The Dangote Refinery's growing role as sole large-scale domestic supplier means its pricing discipline will shape inflation and corporate cost structures across sectors.

What to look out for

Some observers expect Dangote's ₦85 gantry increase could push pump prices toward ₦1,500 this week. Watch whether crude holds above $100—further attacks on Saudi or Iranian infrastructure could send Brent toward $110–$115, compounding local price pressure. Any easing in the Strait of Hormuz blockade or resumption of the Saudi East-West pipeline would cap the rally.