Business

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

Published

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

Business

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

Published

1 day ago

March 22, 2026

Trends Admin

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

Petrol prices across Nigeria are expected to rise to at least ₦1,332 per litre following fresh adjustments by marketers reacting to a new pricing template linked to the Dangote Petroleum Refinery. The development signals another round of fuel price increase in Nigeria, as downstream operators respond to higher ex-depot rates and shifting supply dynamics.

The latest adjustment emerged after MRS Oil Nigeria Plc issued a revised pricing notice to its dealers, setting its petrol pump price at ₦1,332 per litre. The company also fixed company delivery at ₦1,290 per litre and self-collection at ₦1,282 per litre. According to the notice, all loading operations will be carried out directly from the Dangote refinery, further reinforcing the refinery’s growing influence in Nigeria’s petroleum distribution market.

The upward review follows a series of incremental increases in the refinery’s ex-depot pricing. Within the month, the refinery raised its gantry price from earlier levels to about ₦1,275 per litre, representing multiple adjustments in quick succession. These repeated changes have continued to push fuel prices higher nationwide, as marketers recalibrate their retail rates to reflect current costs.

Coastal pricing has also been revised upward, reflecting broader cost pressures associated with global shipping, crude sourcing, and logistics. These changes indicate that Nigeria’s fuel pricing structure remains closely tied to both domestic refining costs and international market conditions, particularly fluctuations in global crude oil prices.

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The rapid succession of price revisions highlights increasing volatility in the downstream sector. Industry data suggests that the refinery has adjusted its pricing template several times within March alone, with successive increments affecting both gantry and coastal rates. Each adjustment has contributed to a cumulative rise in petrol costs, leaving marketers with little room but to pass on the increases to consumers.

Nigeria’s reliance on domestic refining is gradually reshaping the fuel supply chain. The Dangote refinery, with a capacity of 650,000 barrels per day, is becoming a central hub for both local consumption and regional fuel distribution. Its pricing decisions now play a significant role in determining petrol pump prices in Nigeria, as marketers source products directly from its loading terminals.

At the same time, global factors continue to influence domestic pricing. Ongoing geopolitical tensions affecting key oil transit routes, combined with fluctuations in international crude oil markets, have contributed to supply uncertainties. These external pressures, alongside exchange rate movements and freight costs, are key drivers behind the sustained increase in fuel prices in Nigeria.

The impact of rising petrol prices is already being felt across transportation, logistics, and household expenses. As fuel remains a major cost component in the economy, higher pump prices typically translate into increased fares, elevated goods prices, and broader inflationary pressure.

In addition to petrol, diesel prices have also been adjusted upward, with Automotive Gas Oil reportedly rising to around ₦1,750 per litre. This increase is expected to affect industries, power generation, and businesses that depend heavily on diesel for operations, further compounding the economic impact of rising energy costs.

With marketers already updating their pricing structures, consumers are expected to see new pump prices implemented across filling stations nationwide in the coming days. Analysts warn that further adjustments may occur if refinery prices continue to fluctuate or if global oil market conditions remain unstable.

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

Railway

Eid-el-Fitr: NRC to Operate Three Lagos–Ibadan Train Trips on March 23

Published

3 days ago

March 21, 2026

Trends Admin

Eid-el-Fitr: NRC to Operate Three Lagos–Ibadan Train Trips on March 23

The Nigeria Railway Corporation (NRC) has announced the operation of three scheduled train trips on the Lagos–Ibadan Train Service (LITS) corridor on Monday, March 23, in response to increased passenger demand during the Eid-el-Fitr travel period.

The announcement was made in a statement by NRC spokesperson Callistus Unyimadu, who explained that the additional services are intended to ease passenger movement, reduce congestion, and provide more travel options for commuters returning after the festive celebrations. He noted that the Lagos–Ibadan rail route, connecting Lagos and Ibadan, remains one of the busiest rail corridors in the country, particularly during public holidays when road traffic is usually heavy.

According to the NRC, departures from Lagos will take place at the Mobolaji Johnson Train Station at 7:45 a.m., 1:40 p.m., and 4:00 p.m. From Ibadan, trains will depart from the Obafemi Awolowo Train Station at 8:00 a.m., 10:50 a.m., and 4:30 p.m. The corporation said the schedule was designed to improve travel flexibility, enhance rail transport convenience, and accommodate the surge in passenger turnout typically recorded during festive periods.

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Unyimadu reaffirmed the corporation’s commitment to delivering safe, reliable, and efficient rail services, noting that operational adjustments are often made during peak travel seasons to meet growing demand. He advised passengers to arrive early at train stations, comply with ticketing and security procedures, and plan their journeys in advance to avoid delays or inconvenience.

The NRC also appreciated passengers for their continued patronage and cooperation, describing it as essential to maintaining smooth operations across its services. The introduction of additional train trips is part of broader efforts to support intercity mobility during high-demand periods such as Eid-el-Fitr, when large numbers of Nigerians travel between major cities.

Rail services along the Lagos–Ibadan corridor have increasingly become a preferred alternative to road transport due to their relative speed, safety, and reduced exposure to highway congestion. Transport authorities continue to encourage the use of rail infrastructure as part of efforts to improve public transportation efficiency and ease pressure on Nigeria’s road networks during festive seasons.

Eid-el-Fitr: NRC to Operate Three Lagos–Ibadan Train Trips on March 23

Business

Dangote Petrol Price Hits ₦1,275/Litre After Fifth Hike in March

Published

3 days ago

March 21, 2026

Trends Admin

Dangote Petrol Price Hits ₦1,275/Litre After Fifth Hike in March

Nigeria’s Dangote Petroleum Refinery has increased its petrol price (Premium Motor Spirit) to ₦1,275 per litre, marking the fifth price hike in March and underscoring growing instability in Nigeria’s deregulated fuel market.

The latest adjustment came barely hours after an earlier increase, reflecting a ₦100 rise (8.5%) from the previously reported ₦1,175 per litre, and a ₦30 jump from the ₦1,245 per litre announced late Friday. The rapid revisions highlight the intensity of fuel price volatility currently shaping the downstream sector.

In a notice to marketers and customers, the refinery stated that previous pricing templates are no longer valid, urging stakeholders to disregard earlier communications.

“Kindly note that the prices contained in our previous correspondence are no longer applicable,” the company said, confirming that the new petrol price regime took effect from 12:00 a.m., March 21, 2026.

The refinery also raised its coastal price from ₦1,512,648 to ₦1,646,748 per metric tonne, representing an increase of ₦134,100 (8.9%), further reflecting mounting cost pressures across supply channels.

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While the new pricing applies immediately, the company noted that customers with valid bank guarantees will continue to load products, provided they cover the price differential.

The frequent price changes are largely driven by rising global crude oil prices, foreign exchange constraints, and supply chain disruptions linked to geopolitical tensions. As a refinery operating within a deregulated system, Dangote sources crude at international rates, making its pricing highly responsive to global market movements.

Despite expectations that local refining would stabilise Nigeria’s fuel supply, the latest increases show that the domestic market remains strongly tied to international oil benchmarks.

Data from industry tracker Petroleumprice.ng indicates that petrol prices have climbed sharply in March, rising from below ₦900 per litre to over ₦1,200 within weeks, reflecting a sustained upward trend.

The continued surge in petrol prices in Nigeria is expected to have widespread economic implications, including higher transportation costs, increased food prices, and intensified inflationary pressure on households and businesses.

Analysts warn that unless global oil prices ease or exchange rate stability improves, further fuel price increases may occur, reinforcing concerns about the vulnerability of Nigeria’s deregulated fuel market to external shocks.