Global energy markets were jolted Saturday as Brent crude prices climbed above $112 per barrel, triggering an immediate and sharp spike in domestic petrol prices across Nigeria. This latest surge is primarily attributed to the deepening conflict between the United States, Israel, and Iran, which has severely disrupted supply routes in the Middle East.
The Brent crude benchmark rose by 3.26 percent to $112.20 per barrel on March 21, 2026, while West Texas Intermediate followed with a 2.80 percent increase to $98.23. The escalation comes as Iran launched missile strikes and enforced a de facto closure of the Strait of Hormuz, a vital artery for global oil shipments.
Responding to these international market pressures, the Dangote Petroleum Refinery announced its fifth price adjustment this month. The refinery's ex-depot gantry price rose from ₦1,245 to ₦1,275 per litre on Saturday. In a notice to marketers, the refinery stated that the revision "reflects global market realities, including fluctuations in crude oil prices and increased shipping costs," noting these factors remain beyond its control.
Retail prices have followed suit, with filling stations in Abuja and Lagos hiking pump prices to between ₦1,331 and ₦1,430 per litre.
Nigeria has now recorded one of the sharpest percentage increases in petrol prices globally since the conflict intensified in late February. While the higher oil prices may bolster government revenue against a 2026 budget benchmark of $64.85 per barrel, the immediate impact on Nigerian households is expected to be severe. Analysts predict that the surge will drive up transportation costs and food inflation nationwide in the coming weeks.