Nigerians across major cities are reeling under the weight of soaring petrol prices after the Dangote Petroleum Refinery raised its gantry price of Premium Motor Spirit (PMS) to ₦995 per litre, pushing retail pump prices above ₦1,000 in many states.
A market survey revealed petrol now sells between ₦1,000 and ₦1,190 per litre, depending on location and outlet. The hike has triggered higher transport fares and rising costs of goods and services, deepening the strain on households already battling inflation.
Link to Global Crisis
The surge is tied to escalating geopolitical tensions in the Middle East. Joint U.S.-Israeli strikes on Iran in late February 2026 disrupted oil supply chains, with retaliatory attacks further destabilizing the region. The Strait of Hormuz, a critical oil transit route handling nearly 20% of global shipments, has seen tanker traffic plummet amid security risks, stranding millions of barrels of crude. Brent crude prices have already climbed above $90 per barrel, with fears of further increases if hostilities persist.
Impact Across Nigeria
- Abuja: Filling stations adjusted pump prices to between ₦1,052 and ₦1,105 per litre. Transport fares rose sharply, with drivers increasing rates by up to 75%.
- Lagos: Prices ranged from ₦1,005 to ₦1,190 per litre. Motorists, dispatch riders, and small businesses reported passing costs onto customers, with delivery charges and shop prices rising.
- Kaduna & Taraba: Petrol sold between ₦1,060 and ₦1,070 per litre, though supply remained steady without queues.
Public Reaction
Commuters and small business owners expressed frustration, noting that while fuel prices and transport fares keep rising, salaries remain stagnant. Many fear the hike will worsen Nigeria’s cost-of-living crisis, with ripple effects across food, transport, and retail sectors.
