Nigerian Petrol Prices Soar Above ₦1,400 per Litre Amid Global Oil Price Spike

Petrol prices in Nigeria have surged to record highs, with most stations selling Premium Motor Spirit (PMS) at ₦1,400-₦1,450 per litre. In Lagos, MRS sold fuel for ₦1,395, while Abuja prices ranged from ₦1,400 to ₦1,450.

The increase follows a sharp rally in global crude oil prices, with Brent climbing above $100 a barrel and topping $107 last week. As of Sunday, Brent traded at $104.61, more than 50% higher than pre-crisis levels.

Disruptions in the Middle East and concerns over oil flows through the Strait of Hormuz have driven the surge. Domestic refiners and importers have adjusted pump prices in response to higher crude costs.