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Largest Global Increase: Nigeria’s pump price surged 39.5% between Feb 23 and Mar 16, the highest increase worldwide.
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Impact of Middle East Conflict: Oil supply disruptions pushed international prices to a four-year high, affecting domestic fuel costs.
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Local Prices Spike: Petrol now sells between ₦1,130 and ₦1,350 per litre, with some Abuja marketers charging up to ₦1,350.
Nigeria has recorded the sharpest rise in petrol prices globally, with a 39.5% increase between February 23 and March 16, according to data analysed by Global Petrol Prices.
The surge is largely attributed to supply disruptions from the ongoing war in the Middle East, which has driven oil prices to a four-year high.
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Trailing Nigeria, countries such as Laos, Australia, and Vietnam saw increases of 32.9% and 31.8%, while South Africa and Mexico recorded the smallest rises of 1% and 0.5%, respectively.
Despite expectations that local refining and domestic production would cushion the blow, prices in Nigeria continue to climb. Dangote Refinery, which sources crude based on international benchmarks, recently raised its ex-gantry petrol price to ₦1,175 per litre.
Today, retail petrol prices range from ₦1,130 in Lagos to as high as ₦1,330–₦1,350 in some Abuja locations, depending on marketers.