Business

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

Published

6 months ago

March 23, 2026

Nigeria’s Daily Petrol Consumption Surges Despite N1,370 Per Litre Price

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.

READ ALSO:

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.

READ ALSO:

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

Up Next

8 High-Paying Remote Careers to Pursue in 2026

Don't Miss

Fuel Prices Rise Again as Marketers Respond to Dangote Refinery Price Increase

Auto

NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Jobs

Published

1 day ago

September 21, 2026

Trends Admin

NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Job

The National Automotive Design and Development Council has called for far-reaching reforms in vehicle financing to make car ownership more affordable while boosting local vehicle assembly, job creation and industrial development.

The Council said a properly structured financing system could turn vehicle credit from a mere consumer lending product into a major economic tool for expanding productive mobility and strengthening Nigeria’s automotive value chain.

Director-General of NADDC, Otunba Joseph Oluwemimo Osanipin, stated this in an address delivered on his behalf by the Council’s Principal Information Officer, Tanko Kyumnom, at the Lagos Chamber of Commerce and Industry (LCCI) Auto Sectoral Group Symposium in Lagos.

The symposium, held on Thursday, September 17, 2026, at the Henry Fajemirokun Hall of LCCI, was themed: “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equaliser?”
Osanipin said the growing cost of mobility had made it necessary to explore financing models that would enable individuals, businesses and transport operators to acquire vehicles without bearing the full cost of ownership upfront.

According to him, spreading vehicle payments over an agreed period could provide a more sustainable pathway to vehicle acquisition, provided that the financing products are affordable, accessible and structured around the economic realities of Nigerian consumers.

He, however, cautioned that simply making credit available would not be enough.
“Vehicle financing offers a more sustainable approach by enabling individuals, businesses and transport operators to acquire vehicles and pay for them over time,” Osanipin stated.
The NADDC DG said the bigger opportunity lies in linking vehicle financing with the growth of locally assembled and Nigerian-made vehicles.

He explained that increased access to credit for locally produced vehicles could generate wider economic benefits by stimulating demand for domestic assembly, supporting component manufacturers, creating jobs and strengthening local supply chains.

Osanipin therefore urged stronger collaboration among government institutions, financial institutions, vehicle manufacturers and other stakeholders in designing financing schemes capable of supporting both mobility access and automotive industrialisation.

The NADDC boss identified affordable vehicle loans, leasing arrangements, fleet financing, credit guarantees and appropriate interest-rate support as mechanisms that could broaden access to vehicle ownership and productive mobility.

lt also stressed the need for repayment structures that take into account the earning patterns and business realities of Nigerians, particularly transport operators and small businesses whose vehicles are directly linked to their income-generating activities.

Osanipin maintained that the objective should extend beyond increasing the number of vehicles on Nigerian roads.
“The goal is not simply to put more vehicles on Nigerian roads. It is to ensure that Nigerians can access productive mobility without placing an unsustainable burden on government finances or household incomes,” he said.

According to him, a properly structured automotive financing system could create a stronger connection between mobility, economic inclusion and domestic vehicle production.

“With the right policies and partnerships, vehicle financing can become a powerful instrument for mobility, economic inclusion and automotive industrial development,” Osanipin added.

The NADDC’s position places vehicle financing within the broader effort to build a sustainable automotive ecosystem in Nigeria—one in which access to credit supports vehicle users while also creating stronger demand for local assembly, components and associated automotive services.

Auto

Jetour T1 Storms Abuja as Automaker Accelerates Nigeria Expansion

Published

1 day ago

September 21, 2026

Trends Admin

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

Following a successful debut in Lagos, Jetour Nigeria will host the Jetour Experience Abuja from September 22 to 24, 2026, positioning its all-new T1 model as a major competitor in the country’s growing adventure SUV market.

The three-day event in the Federal Capital Territory will give prospective buyers and motoring enthusiasts direct access to product demonstrations, expert-led technical sessions, and hands-on test drives.

“Strong participation, extensive test drives, and significant sales enquiries at the Lagos edition, coupled with growing demand from Abuja residents, influenced the decision to bring the experience to the nation’s capital,” the company said in a statement. The show holds at Maha Event Centre, Area 8, Garki.

To support its growing national footprint, Jetour Nigeria has established a network of seven accredited dealers: Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, Tab Autos Limited, R.T. Briscoe Motors, and Mandilas Autos. The partnerships cover retail sales, genuine spare parts supply, and comprehensive after-sales maintenance.

READ ALSO:

The T1 enters the market with a focal point on balance—combining off-road capability with urban comfort.

The smart T1 has the following features-
Dimensions: 4,705mm (L) x 1,967mm (W) x 1,843mm (H) |; Wheelbase: 2,800mm; and
Powertrains: 1.5L Turbo / 2.0L Turbo (254 hp, 390 Nm torque).

The drivetrain is BorgWarner XWD Intelligent 4WD | 7-Speed DCT or 8-Speed Automatic. Terrain Capability: 199mm ground clearance, 600mm wading depth, and 28° approach/departure angles.

Other features include 15.6-inch HD touchscreen, Qualcomm Snapdragon 8155 platform, 8-speaker audio, 5-seater configuration with 574 litres of rear luggage space, 85 percent high-strength steel chassis alongside a Level 2 Advanced Driver Assistance System (ADAS), which includes Adaptive Cruise Control, Lane Keeping Assist, Forward Collision Warning, and Autonomous Emergency Braking.

Since its Nigerian market entry, Jetour has secured several local and international automotive honors, including Fastest Growing Auto Brand of the Year and Auto Brand of the Year.

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

Auto

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Published

3 days ago

September 20, 2026

Trends Admin

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Jetour Nigeria is taking its seven-seater X70 Plus SUV to Abuja as rising interest from motorists in the Federal Capital Territory and neighbouring states fuels the brand’s latest push to deepen its presence across Nigeria.

The X70 Plus will headline the Jetour Experience Abuja, holding from September 22 to 24 at Maha Event Centre, Area 8, Garki, following the strong response recorded during the Lagos edition, where motorists turned out for test drives and made enquiries about Jetour models.

The Abuja activation is designed to give prospective buyers direct access to the X70 Plus and other models, with opportunities to test-drive the vehicles, engage product specialists and experience their technology, safety and comfort features.

The X70 Plus is positioned as a family-oriented SUV, offering seven-seat capacity and a range of features targeted at customers seeking comfort, technology and practicality.

The SUV is available with 1.5-litre and 1.6-litre turbocharged engine options, with outputs of up to 145kW and 290Nm of torque, paired with a dual-clutch automatic transmission.

READ ALSO:

Its safety equipment includes front, side and curtain airbags, Vehicle Stability Control, Hill-Start Assist, Hill-Descent Control and a 360-degree panoramic camera with 2D and 3D viewing modes. Advanced Driver-Assistance Systems are also available.

Inside the cabin, the X70 Plus features a 10.23-inch LCD touchscreen, dual-zone climate control with air purification, wireless charging, a panoramic sunroof and an eight-speaker audio system.

Jetour Nigeria, the authorised distributor of the brand in the country, currently operates through seven accredited dealers: Elizade Nigeria Limited, Mandilas Autos, R.T. Briscoe Motors, Germaine Auto Centre, Kojo Motors, Tab Autos Limited and New Era Auto Vehicle Services Limited.

The company said the dealer network supports vehicle sales, genuine spare-parts supply and after-sales services across the country.

Jetour has also received recent industry recognition in Nigeria, including Fastest Growing Auto Brand by the Nigeria Auto Journalists Association and Auto Brand of the Year at the Nigeria Transport Lecture and Awards.

The Abuja experience is expected to provide prospective customers in the FCT and surrounding states with direct access to the X70 Plus and other Jetour models as the brand continues its national market expansion.