Business

Petrol Prices Near N1,400/L Nationwide as Nigeria’s Cost of Living Crisis Worsens

Published

2 months ago

March 23, 2026

Petrol Prices Near N1,400/L Nationwide as Nigeria’s Cost of Living Crisis Worsens

The steady rise in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, has continued to worsen Nigeria’s economic conditions, with prices climbing to nearly N1,400 per litre in several parts of the country, sparking fresh concerns among transporters, commuters, and businesses.

Findings across major cities indicate that the latest surge—driven by rising global crude oil prices, exchange rate pressures, and supply dynamics in the deregulated downstream sector—is eroding purchasing power, inflating transport fares, and intensifying the ongoing cost-of-living crisis affecting millions of Nigerians.

Global crude oil prices recently approached $120 per barrel before easing slightly to around $112, amid geopolitical tensions in the Middle East. These fluctuations have had a direct impact on local fuel pricing, particularly in an import-dependent market like Nigeria’s.

In response to the changing market conditions, major suppliers have adjusted their ex-depot and gantry prices. Dangote Refinery reportedly increased its gantry price from N1,175 to N1,245 per litre, a move that has influenced downstream marketers to revise retail pump prices nationwide.

Across filling stations, petrol now sells at varying rates depending on location, logistics, and brand, with prices ranging between N1,310, N1,325, N1,370, and N1,400 per litre. In Lagos, prices have fluctuated sharply, with some outlets briefly selling as high as N1,380 before adjustments.

At stations operated by the Nigerian National Petroleum Company Limited (NNPCL), pump prices have also seen multiple revisions within days, reflecting volatility in the deregulated market and the influence of supply and distribution costs.

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Commercial transport operators are among the hardest hit. In Lagos, drivers along major routes say their profit margins have significantly reduced due to rising fuel costs and fluctuating passenger demand.

A commercial driver, Toheeb Sulaimon, explained that his daily fuel expenses have doubled compared to when petrol was around N800 per litre, while earnings have dropped due to fewer passengers. Another operator, Maduka Chibo, noted that daily fuel costs have risen above N20,000, compared to about N10,000 previously.

Northern Cities See Sharp Increases

In Kano and other northern cities, petrol prices have climbed to as high as N1,390 per litre, with independent marketers adjusting prices in line with supply costs. Stations such as AA Rano and others have reportedly revised their rates upward within days.

The increase has triggered a ripple effect on transport fares, particularly among tricycle and taxi operators. Residents report steep hikes in short-distance trips, with some fares increasing several-fold.

A resident, Ismail Mabo, said he was charged significantly higher fares than usual, while another resident warned that sustained price increases may force many vehicle owners to reduce usage or switch to commercial operations to cope with costs.

Abuja and Kwara Record Similar Trends

In the Federal Capital Territory, Abuja, petrol prices have risen to between N1,361 and N1,370 per litre, following adjustments linked to new pricing templates issued by some oil marketing companies, including MRS Oil Nigeria Plc.

The company’s revised benchmark price of around N1,332 per litre—subject to logistics and distribution—has further influenced retail pricing across the city.

In Kwara State, particularly Ilorin, petrol now sells between N1,295 and N1,343 per litre, depending on the station. Residents say the increases have placed additional strain on household budgets and daily expenses.

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A civil servant, Oladuni Lateefat, noted that transportation costs now consume a larger portion of her income, forcing her to reconsider car usage and spending patterns.

Businesses have also reported rising operational costs. Some traders, including cement dealers, say fuel price increases have already pushed up commodity prices, with expectations of further adjustments if fuel costs continue to rise.

South-South Sees Black Market Spike

In the South-South region, including Port Harcourt and Yenagoa, petrol prices at official stations range between N1,300 and N1,400 per litre, while black market rates have surged significantly, in some cases reaching as high as N1,800 per litre.

The widening gap between official and parallel market prices has worsened access challenges, particularly in areas with limited filling station coverage.

Commuters report that transport fares have doubled on several routes. In Port Harcourt, trips that previously cost between N300 and N400 now go for as much as N700 or more. Inter-state routes have also become more expensive, with fares such as Yenagoa to Uyo increasing from around N9,000 to approximately N11,000.

Wider Economic Impact

The continued rise in petrol prices is feeding into broader inflationary pressures, affecting transportation, food distribution, and production costs nationwide. Analysts note that fuel remains a key driver of economic activity in Nigeria, where generators are widely used due to inconsistent power supply.

As a result, businesses are either passing increased costs to consumers or scaling down operations, while households are forced to cut back on spending to cope with shrinking disposable income.

The deregulation of the downstream sector, coupled with foreign exchange constraints and reliance on imported refined products, continues to expose the economy to global price shocks.

Stakeholders have called for urgent measures to stabilise supply, improve local refining capacity, and mitigate the impact of fuel price volatility on vulnerable populations.

For now, Nigerians across regions are adjusting to a new reality of persistently high fuel costs, as petrol prices continue to shape daily life, economic decisions, and transportation patterns nationwide.

Petrol Prices Near N1,400/L Nationwide as Nigeria’s Cost of Living Crisis Worsens

Related Topics:cost of living Featured Nigeria petrol prices

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Business

Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals

Published

22 hours ago

May 9, 2026

Trends Admin

Dangote Refinery

Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals

The Dangote Petroleum Refinery and Petrochemicals has officially announced its 2026 Graduate Trainee Programme, an 18-month structured training initiative designed to develop young Nigerian graduates for careers in the oil and gas industry. The company said the programme will expose participants to real-time refinery operations while preparing them for global-standard industrial roles.

In its statement, the refinery explained that the programme is aimed at offering graduates the opportunity to learn, grow and contribute within a global business environment. It added that successful candidates will be integrated into various departments of the refinery where they will receive hands-on training from experienced professionals.

According to the company, trainees will rotate across different operational and support units throughout the 18-month period, giving them broad exposure to refinery processes, technical systems and corporate operations within one of Africa’s largest energy facilities.

Eligibility and Requirements

The eligibility criteria for the Dangote Refinery 2026 Graduate Trainee Programme include the following:

Applicants must be 28 years and below
Candidates must possess a Bachelor’s degree, HND, or diploma in relevant fields
Applicants must demonstrate academic competence and readiness for industrial training in a high-performance environment

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Technical Roles Requirements

Candidates applying for technical positions must have qualifications in any of the following disciplines:

Chemical Engineering
Production Engineering
Mining Engineering
Geological Sciences
Laboratory Sciences
Biochemistry

Technical Support Roles Requirements

Applicants seeking technical support roles are required to have qualifications in:

Mechanical Engineering
Electrical Engineering
Instrumentation Engineering
Power Engineering

Support Function Roles Requirements

Candidates applying for support and administrative roles must have degrees or HNDs in any of the following areas:

Accounting and Finance
Social Sciences
Humanities
Business Administration
Law
Information Technology

The company noted that these categories are designed to ensure a balanced intake of talent across operational, technical and administrative functions within the refinery.

Training Structure and Opportunities

The programme will expose trainees to multiple departments including operations, maintenance, laboratory services, finance and corporate support functions. This structure is intended to equip participants with both technical expertise and managerial competence.

Industry analysts say the programme aligns with the Dangote Group’s broader strategy of building a skilled workforce to support its expanding operations at the Lekki-based refinery, which is among the largest in the world.

The initiative is also viewed as part of efforts to tackle youth unemployment by creating structured entry points into Nigeria’s industrial and energy sectors.

The company added that further details regarding application procedures and deadlines will be released through its official recruitment channels.

As of the time of filing this report, the 2026 Dangote Refinery Graduate Trainee Programme remains one of the most anticipated industrial recruitment opportunities in Nigeria.

Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals

Auto

Meet Jetour G700: The 904HP Luxury beast shaking SUV world

Published

2 days ago

May 8, 2026

Trends Admin

Meet Jetour G700: The 904HP Luxury beast shaking SUV world

The battle for dominance in the premium SUV market just got fiercer as the Jetour G700 arrives with an outrageous 904-horsepower hybrid powertrain, futuristic luxury features and off-road capabilities designed to embarrass conventional rivals.

Far from being another luxury SUV, the G700 positions itself as a rolling statement of excess, power and cutting-edge engineering — a machine equally comfortable cruising through city boulevards or charging across unforgiving terrain.

At nearly 5.2 metres long, the G700 announces itself with unapologetic aggression.

Its boxy silhouette, towering stance, oversized grille and sharp matrix LED headlamps give it the presence of a military-grade explorer wrapped in executive styling.

But the real drama begins beneath the bodywork.

Powering the SUV is Jetour’s Kunpeng Super Hybrid CDM-O system, which combines a 2.0-litre turbocharged engine with dual electric motors to unleash a staggering 904 horsepower and 1,135Nm of torque.

Those numbers translate into astonishing performance for a vehicle of its size. The G700 rockets from 0 to 100km/h in just 4.6 seconds — territory usually reserved for elite supercars rather than heavyweight SUVs.

Despite its brutal acceleration, the G700 is engineered for endurance. It boasts a driving range of up to 1,400 kilometres, allowing long-distance adventures with fewer charging or refuelling stops.

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Jetour also ensures the vehicle is far more than a straight-line performer.

Its adaptive suspension system, triple differential locks and 970mm wading depth equip it for serious off-road punishment, from rocky trails to flood-prone roads. Adding to its arsenal is the eye-catching “Tank Turn” technology, enabling the SUV to rotate sharply in tight spaces like a military vehicle.

Inside, the G700 swaps rugged toughness for first-class indulgence.

A massive 35.4-inch 3K panoramic display dominates the cabin, creating a futuristic cockpit atmosphere, while premium Nappa leather massage seats deliver limousine-level comfort for occupants.

The luxury experience is amplified by an 18-speaker Lexicon sound system with Dolby Atmos, transforming the interior into a private concert hall on wheels.

Jetour pushes the innovation even further with a suite of unusual features aimed at adventure-focused buyers.

Certain editions come with rear turboprop assistance capable of generating additional thrust for escaping deep mud, while an onboard refrigerator drawer can cool drinks to -6°C or keep meals warm at 50°C.

An integrated oxygen supply system also supports driving at high altitudes, reinforcing the SUV’s long-distance expedition credentials.

Industry observers say the G700 signals Jetour’s intention to aggressively challenge established luxury SUV brands by combining electrified performance, premium comfort and hardcore off-road ability in one package.

The G700 is available in Nigeria through accredited dealerships including Elizade Nigeria Limited, New Era AutoVehicle Services Ltd, Kojo Motors, Germaine Auto Centre and Tab Autos Ltd, R.T. Briscoe and Mandilas Motors.

Meet Jetour G700: The 904HP Luxury beast shaking SUV world

Insurance

Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results

Published

3 days ago

May 7, 2026

Trends Admin

Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results

Lasaco Assurance Plc has begun the 2026 financial year on a strong note, posting an 81.5% increase in profit after tax in its unaudited Q1 2026 financial results, driven by improved underwriting performance, stronger investment returns, and enhanced operational efficiency. The company recorded a profit after tax of ₦2.36 billion, up from ₦1.30 billion in the same period of 2025, reflecting sustained momentum in its core insurance operations in Nigeria.

A key highlight of the performance was the sharp growth in insurance service results, which rose by 119.6% to ₦4.22 billion, compared to ₦1.92 billion in Q1 2025. The company attributed this growth to stronger risk selection processes, improved claims management efficiency, and a more profitable insurance portfolio structure, which helped enhance underwriting margins.

Lasaco Assurance also recorded significant growth in net insurance and investment results, which increased by 74.7% to ₦5.14 billion, up from ₦2.94 billion in the previous year. This performance underscores the company’s ability to balance income from insurance underwriting activities with returns from its investment portfolio, even amid a challenging economic environment.

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The company’s total assets rose by 16.6% to ₦46.20 billion, compared to ₦39.63 billion recorded in March 2025, reflecting steady balance sheet expansion. Cash and cash equivalents also grew by 24.5% to ₦18.45 billion, strengthening liquidity and improving the company’s capacity to meet claims obligations and operational needs. In addition, reinsurance contract assets increased by 34.9%, signalling higher risk-sharing arrangements and improved underwriting capacity.

A major financial highlight was the turnaround in retained earnings, which moved from a negative position of ₦573 million in December 2025 to a positive ₦1.55 billion in Q1 2026. This improvement reflects stronger earnings quality and reinforces shareholder confidence in the company’s long-term financial stability and growth outlook.

The company also reported an 81.5% increase in earnings per share (EPS), which rose to 21.29 kobo from 11.73 kobo, highlighting improved profitability and efficient capital utilisation.

Operating expenses increased by 30.3% to ₦1.81 billion, driven by planned investments in business expansion, technology, and operational improvements. Despite the rise in costs, revenue growth significantly outpaced expenditure, resulting in stronger overall profitability and improved margins.

The Q1 2026 results reflect Lasaco Assurance’s continued focus on product innovation, risk management, and customer service enhancement. With strong earnings growth, improved liquidity, and a healthier balance sheet, the company is positioned to sustain its momentum in Nigeria’s insurance sector performance outlook for 2026.