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

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