Petrol Price Hike Looms in Nigeria as Brent Crude Hits $115

According to Punch, published on October 24, 2026, rising international crude oil prices have raised concerns about a possible increase in petrol prices in Nigeria after Brent crude climbed above $115 per barrel amid renewed fears of disruptions to global oil supplies.

The development comes as Dangote Petroleum Refinery and other depot operators sell petrol at a reported gantry price of ₦1,350 per litre. However, the report stated that refiners and importers had not announced another price increase.

Brent crude reached $115.16 per barrel during Friday’s trading, its highest level since May 4, according to Reuters. The international benchmark later settled at $116.72 per barrel, marking its highest closing price in nearly six months. US West Texas Intermediate crude also rose to $103.27 per barrel at settlement.

The rise in oil prices followed growing concerns about security threats in the Middle East. Attacks on Saudi Arabia and fears of further disruptions to energy infrastructure and shipping routes have increased uncertainty over the availability of global oil supplies.

The Strait of Hormuz remains a major concern because of its importance to international oil transportation. Any significant disruption to shipments through the strategic waterway could tighten supplies and increase shipping and insurance costs.

For Nigeria, sustained increases in international crude prices could place additional pressure on petrol costs. The effect would depend on several factors, including crude procurement expenses, refining margins, transportation costs and the prices of refined petroleum products.

Marketers could also face higher replacement costs when purchasing new supplies. If those expenses continue to rise, suppliers may consider adjusting their selling prices, although crude oil movements alone do not determine the final cost of petrol.

Dangote Petroleum Refinery previously increased its petrol gantry price from ₦1,265 to ₦1,350 per litre, effective September 12, according to an earlier Punch report.

The prospect of another increase raises concerns for Nigerian households and businesses already dealing with elevated fuel costs. Higher petrol prices can increase transportation expenses and contribute to the cost of distributing food and other essential goods.

Nevertheless, the latest increase in international crude prices does not confirm that another petrol price hike will occur immediately. Consumers will need to await any official announcement from refiners or suppliers to determine whether domestic prices will change.