Premium Motor Spirit now sells for as high as ₦1,413 per litre in Maiduguri, Borno State, following a sharp rise in global crude prices linked to escalating US-Iran tensions.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority for April 2026 shows the spike was triggered after the closure of the Strait of Hormuz, a route that carries about 20% of global oil supply. The disruption pushed Brent crude to $120.55 per barrel, driving up costs across Nigeria’s fuel supply chain.

Maiduguri recorded the highest rate in the country due to added logistics and distribution expenses. The NMDPRA report noted that prices jumped from an average of ₦839 per litre in February to the current level.

Officials said the impact was cushioned slightly by the Dangote Petroleum Refinery, which ran at 99.12% capacity during the period. Still, marketers adjusted pump prices nationwide, with rates ranging between ₦1,310 and ₦1,400 per litre depending on location and supply conditions.

Source; Punch news