Lagos petrol hits N1,310 as Goldman Sachs sees crude heading toward $120

Petrol prices at some independent filling stations in Lagos jumped to N1,310 per litre on Monday, September 7, 2026, up from N1,290 on Friday. The increase comes as global crude prices climb on Middle East tensions and supply fears.

Marketers adjust pump prices

Several retail outlets operated by independent marketers adjusted their prices on Monday. Data from PetroleumPriceNG showed that Soroman and A.Y.M Shafa were selling petrol at N1,295 per litre.

Marketers attributed the latest increase partly to movements in depot prices, saying the cost of securing supplies continues to respond to global oil market developments.

Goldman Sachs warns of supply risk

International crude prices have rallied sharply. Brent crude rose above $97 per barrel on Monday, while US West Texas Intermediate traded above $92.

Goldman Sachs has warned that crude oil could approach $120 if attacks on commercial vessels intensify and shipping disruptions spread across the region. Daan Struyven, co-head of global commodities research at Goldman Sachs, told Bloomberg TV that recent developments had increased the risk of broader and more severe disruptions to global shipping.

The investment bank sees "meaningful upside" to crude oil prices, particularly if the crisis begins to threaten key energy supply routes. Struyven also pointed to potentially sharper price increases for natural gas and refined petroleum products, noting that supply shocks could be more severe in those markets than in crude oil.

Strait of Hormuz at the centre

The escalating conflict has placed the Strait of Hormuz at the centre of global energy supply concerns. The strategic waterway is a major route for international oil shipments.

The United States said it had struck three Iranian oil tankers following attacks on two US warships by Iran's Islamic Revolutionary Guard Corps. Iran then threatened tougher retaliation and announced plans for an exclusion zone around the Strait of Hormuz. Iranian officials warned that vessels entering the area could face sanctions.

Maritime intelligence firm Marisks said the conflict had increasingly blurred the distinction between military confrontation and commercial shipping, as oil tankers became targets of economic pressure.

Pressure on Nigerian consumers

For Nigerian consumers, sustained increases in international crude and refined-product prices could create fresh pressure on petrol prices, especially as marketers respond to changing supply and depot costs.

Across Nigeria, retail pump prices have already reached as high as N1,345 per litre, a significant jump from between N1,210 and N1,275 per litre recorded less than two weeks ago. With Brent crude nearing the $100 threshold, any further escalation in Middle East tensions could intensify volatility and feed into domestic fuel prices.