Nigerian petrol prices set to rise as global crude hits $126/bbl amid US‑Iran tensions

TL;DR: Global crude oil prices surged to $126.41 per barrel, a four‑year high. In Lagos, petrol rose to ₦1,300 per litre from ₦1,250.

Context Escalating rhetoric between the United States and Iran has rattled energy markets. Israel’s Defence Minister warned of possible further action against Iran, stoking fears of supply disruptions. Benchmark Brent crude briefly touched $126.41 before easing, while WTI also spiked. Traders note the market is pricing in a potential choke on Gulf exports if tensions persist.

Key Facts The Brent benchmark reached $126.41 per barrel, up from $115 the previous day, marking the highest level since March 2022. In Lagos, the price of Premium Motor Spirit (PMS) increased to ₦1,300 per litre from ₦1,250 per litre at many filling stations. Higher crude prices directly raise Nigeria’s import bill for refined fuels, increasing landing costs and replacement expenses for downstream marketers.

What It Means Depot operators are already adjusting forward prices for PMS, diesel and aviation kerosene. If crude remains elevated, pump prices across Nigeria are likely to climb further, lifting transport costs and feeding broader inflation. Consumers and businesses should anticipate tighter household budgets and higher freight rates in the near term.

Watch for any de‑escalation in the US‑Iran standoff and subsequent moves by OPEC+ that could ease upward pressure on oil markets.