By Kingston Magare 13.9.2026
With the price of oil hitting between $104-107 per barrel in the international market, the price of petrol in Nigeria has sharply risen between N1,400 and N 1, 450 across major cities.
This follows an escalation of Middle East conflict between the US and Iran. In Lagos the price of petrol is hovering between N1,385 and N1,390 while in Abuja and other cities prices range from N1,400 to N1,450 per litre.
Meanwhile former Cross River State governor and Peoples Redemption Party presidential candidate Donald Duke said in an interview Nigerians should not necessarily be buying petrol based on international dictates. He submitted that crude allocated for domestic refining should be priced based on the cost of production.
“We produce about 1.7 million barrels. About 1.4 million barrels we sell commercially. This 300,000 barrels, look at the cost of production, not the international price.
“While we sell oil at $70 or $80 a barrel, the cost of production may not exceed $40 a barrel. That barrel has about seven by-products,” Duke argued.
“Give it to us at the cost of production, not at the market price. Take into cognisance the cost of refining and distribution and put five or 10 per cent above it.
“Sell the five other by-products from a barrel of crude at commercial rates. You will find that you can easily amortise the petrol and give it to your people at N200 or N300.”
Duke said government’s argument that cheaper petrol will encourage smuggling to neighbouring countries, saying the government should improve border enforcement instead of making Nigerians pay more.
“Are you going to punish your people because you cannot police your borders? You can dye your petrol. You can say petrol from Nigeria is purple, blue, yellow or red. It does not affect the engine. If you find that colour of petrol in Chad or Niger, you know it came from Nigeria. Your security agencies should find out how it got there.”
Nigeria oil industry...