By Danjuma Amodu | January 30, 2026
Global crude oil prices have reached their highest levels since September 2025, driven by escalating Middle East tensions and fears of supply disruptions. Brent crude rose 2.24% to $68.88 per barrel, while US West Texas Intermediate (WTI) gained 1.9% to $64.41 per barrel.
The rise, linked to concerns over potential US action against Iran, pushed oil prices above Nigeria’s 2026 budget benchmark of $64.85 per barrel, providing potential fiscal relief. However, analysts caution that sustained instability could increase global economic uncertainty.
In Nigeria, petrol prices are expected to rise, affecting transportation and consumer goods costs. The Dangote Refinery increased its gantry price from N699 to N799 per litre, with some stations selling at N850.
The Central Bank projects petrol prices to reach N950 per litre in 2026, driven by global energy prices and Nigeria’s reliance on imports.
