Petrol prices remained high across Nigeria on Monday, despite international crude oil trading near levels last seen before the US–Iran conflict escalated, LEADERSHIP checks have shown.
Motorists and transport operators reported little change at filling stations in major cities, even as crude oil extended losses on Monday, hovering near its lowest level since early March.
The decline in crude oil prices followed reports that the US and Iran have agreed to a roadmap aimed at securing a final peace agreement within 60 days.
Brent crude oil dropped to around $77.5 per barrel on Monday, while WTI crude hovered around $74 per barrel.
Recall that the US Treasury Department authorised the production, delivery and sale of Iranian oil and petroleum products for 60 days, boosting expectations of a faster supply recovery.
Shipping activity through the Strait of Hormuz has also increased. Data showed millions of barrels still flowing through the chokepoint over the weekend. Iran has increased visible oil shipments through Hormuz to the highest level since the conflict began and cut prices for cargoes sold to China. Gulf producers are preparing to raise output, with Kuwait lifting force majeure notices and Abu Dhabi’s ADNOC resuming supply operations. A full reopening of Hormuz could release about 80 million barrels into the market, adding pressure to prices as demand remains weak.
Recall that crude oil prices were relatively stable before the Middle East crisis, with Nigeria’s Bonny Light averaging $70.14 per barrel year-to-date through February 28, 2026, while WTI was projected to average $60.38 per barrel in 2026 and had been trading below $70 in mid-February.
In Nigeria, petrol sold at about N815 per litre before the conflict, according to market reports, before prices climbed sharply after the crisis deepened to as high as N1,500 per litre in some locations.
Checks by our correspondents in Lagos showed that at NNPC filling stations along Obafemi Awolowo Road, Ikeja, opposite MAN, petrol sold at N1,275. At the Mobil station around Allen Avenue/Airport Hotel, petrol was N1,265, while diesel was N1,660 and LPG N1,450.
A visit to two Conoil filling stations in Ikeja showed outlets displaying N1,285 per litre for petrol. At MRS station on Kodesho Street, Ikeja, the price was N1,206 per litre.
At other fuel stations within Lagos and the outskirts of Ogun State, prices varied. AP Ardova at Ojodu, Lagos, sold a litre of petrol for N1,205, while diesel was N1,740.
MRS filling station at Fagba, Lagos, sold petrol at N1,210, while MRS Dalemo Alakuko sold at N1,230 per litre.
The NNPC station at Agbado sold at N1,260, while Musuff Agbado, an independent company, sold at N1,219 per litre.
MRS filling station in Akute sold petrol at N1,250, while NNPC Akute also sold at N1,250.
In Kaduna metropolis, a litre of fuel was sold at A.A. Rano and other stations at N1,330 on Monday. Our correspondent observed motorists lamenting the high cost of petrol despite the fall in crude oil prices.
In Makurdi, the Benue State capital, some filling stations sold at N1,300 per litre, while across local government areas, black-market vendors sold at N1,400 per litre.
In Ado-Ekiti, petrol sold between N1,225 and N1,335 per litre. Independent marketers sold between N1,300 and N1,350, while major marketers sold between N1,200 and N1,250 per litre.
In Osogbo, Osun State, petrol sold between N1,200 and N1,500 per litre on Monday, compared to N1,950 last week. Lado filling stations sold between N1,200 and N1,450, NIPCO sold at N1,320, MRS at N1,350, while HABEEB sold at N1,500.
However, no filling station in Osogbo was selling above N1,500 at the time of this report, compared to N1,890 last week, while none was selling below N1,200.
In Imo State, prices fluctuated regularly as operators rotated their meters.
At Ukoromi filling station along Orlu Road, petrol sold at N1,300 per litre, while Ebere Links along Port Harcourt Road sold at N1,350. BGR and Chima Petroleum along Okigwe Road sold at N1,400 and N1,450 respectively.
In Enugu, most filling stations sold petrol between N1,300 and N1,400 per litre. Some workers said they were instructed to continue selling at current prices until old stock was exhausted.
In Ilorin, Kwara State, independent marketers sold at N1,230 per litre, while major marketers dispensed at N1,210 per litre.
Residents of Jos, Plateau State, are groaning over increased pump prices. LEADERSHIP investigation revealed most stations along Bukuru Expressway in Jos South LGA had increased prices to N1,369 per litre. Many stations were also observed to be empty, with attendants idle due to low patronage.
A motorist, Ajayi Moses, said he had parked his vehicle due to the increase, while a civil servant, Yohana Pam, said he now depends on the Governor Mutfwang metro bus service for daily movement to the state secretariat.
In Kebbi State, prices have slightly reduced. At Forte Oil along Central Market, Birnin Kebbi, a litre sold at N1,330, down from N1,388. At Jayyaz filling station near the Government House, it sold at N1,335, down from N1,380.
Similarly, A.A. Rano, Shafa, Asaija and A.A. Giris stations sold at N1,330, compared to N1,380 previously.
Speaking to LEADERSHIP in Birnin Kebbi, an official of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Abubakar Umar Gulumbe, attributed the price reduction to global market movements and domestic supply from Dangote Refinery.
He also expressed optimism that petrol prices would come down in the first quarter of 2027.
In Ibadan, petrol currently sells between N1,200 and N1,300 per litre depending on the station. At NNPC retail outlets, it sells between N1,150 and N1,200; major marketers such as Total, Mobil and MRS dispense between N1,200 and N1,280; while independent marketers sell up to N1,300 per litre.
In Ondo State, fuel prices hover around N1,300 per litre. In Akure, petrol sells between N1,252 and N1,300 depending on location. Independent marketers sell between N1,252 and N1,275, while others sell up to N1,300.
Motorists say prices remain high and continue to affect transport fares and the cost of living. Many consumers have urged marketers to reflect reductions in depot prices at the retail level to ease pressure on households.
