Business
JUST IN: Nigerian’s Woes Deepen As Fuel Price Hits Record High; DETAILS
The steady rise in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, has intensified economic hardship across Nigeria, with prices climbing to nearly N1,400 per litre in several parts of the country, triggering widespread anxiety among transporters, commuters, and businesses.
Findings across major cities indicated that the latest surge, driven largely by rise in the price of crude oil, is shrinking incomes, inflating transport fares, and worsening the cost-of-living crisis for millions of Nigerians.
With the price of crude oil hitting almost $120 per barrel last week before settling at $112 over the weekend as the Middle East crisis rages, Dangote also adjusted its gantry price from N1,175 to N1,245 per litre.
In response to the latest increase, marketers also adjusted pump prices across the country with new prices ranging from N1,310; N1,325; N1,370 and N1,400 per litre depending on locations.
In Lagos, commercial drivers say the rapid increase in fuel prices is eroding their profits and threatening their livelihoods. At several filling stations, prices fluctuated between N1,320 and N1,330 over the weekend, with some outlets briefly selling as high as N1,380 before adjusting downward.
At stations operated by the Nigerian National Petroleum Company Limited (NNPCL), pump prices were revised upward twice within days, reflecting the volatility in the downstream sector.
Toheeb Sulaimon, a commercial driver operating along the Ogba–Ikeja route, said his daily earnings have dropped drastically due to rising fuel costs and declining passenger traffic.
“When fuel was around N800 per litre, I could spend about N9,000 on fuel and still make up to N30,000 in a day. Now, everything has changed. The cost has doubled, but passengers are fewer,” he said.
Maduka Chibo, another operator, said his daily fuel expenditure has risen sharply to over N20,000, compared to about N10,000 when petrol sold at N800 per litre.
Northern cities hit N1,390
In Kano, petrol prices climbed as high as N1,390 per litre, with several independent marketers adjusting their rates upward in response to supply costs.
Stations such as AA Rano and others revised prices from around N1,330 to between N1,385 and N1,390.
The increase has triggered a ripple effect on transportation, with commercial tricycle operators hiking fares significantly.
A resident, Ismail Mabo, recounted being charged N4,000 for a trip that would normally cost about N1,000, accusing operators of exploiting the situation.
Another resident, Abba Kabir, warned that the sustained rise in fuel prices could force many car owners to abandon their vehicles.
“At this rate, people will stop using their cars. Some may even convert them to commercial use just to survive,” he said.
Abuja, Kwara record fresh hikes
In Abuja, pump prices have also surged, with several filling stations now selling between N1,361 and N1,370 per litre. The increase followed a fresh pricing template issued by MRS Oil Nigeria Plc to its dealers, signaling a new benchmark for the market.
The company pegged its pump price at N1,332 per litre, with variations depending on delivery and collection terms, further highlighting the influence of supply chain costs.
Across filling stations in the Federal Capital Territory, prices have continued to edge upward, deepening concerns among residents already grappling with high living expenses.
In Ilorin, Kwara State, the situation is no different. A survey showed petrol selling between N1,295 and N1,343 per litre, depending on the outlet.
Residents say the persistent increases are stretching household budgets to the limit. Oladuni Lateefat, a civil servant, said her family’s daily expenses have surged beyond manageable levels.
“What we used to manage with N4,000 daily is no longer enough. Transportation alone is taking a huge part of our income,” she said, adding that she may stop using her car to commute.
Businesses are also feeling the impact. A cement dealer in Ilorin reported that rising fuel costs have already pushed up the price of cement by N500, with fears of further increases.
South-South faces black market surge
In Port Harcourt and Yenagoa, petrol prices have risen to between N1,300 and N1,400 at official stations, while black market rates have soared as high as N1,800 per litre.
The disparity has worsened the burden on residents, particularly in areas where access to formal filling stations is limited.
Commuters say transport fares have doubled in some cases. A trip that previously cost N300 to N400 in Port Harcourt now goes for as much as N700, reflecting the direct pass-through effect of fuel costs.
Similarly, inter-state transport fares have increased, with journeys such as Yenagoa to Uyo rising from about N9,000 earlier in the year to N11,000.
The price of Premium Motor Spirit (PMS), popularly known as petrol, could fall to around N900 per litre if the proposed peace agreement between the United States and Iran is successfully implemented and global crude oil prices continue to decline.
The expectation follows fresh developments in the Middle East, where efforts to end months of hostilities have pushed international oil prices downward. Nigeria market report
Crude oil prices, which climbed sharply during the conflict, have dropped significantly in recent days as investors react positively to reports of a ceasefire framework and plans to reopen the Strait of Hormuz, one of the world’s busiest oil shipping routes.
Industry operators believe the development could eventually reflect in domestic fuel prices, especially as crude oil remains the major raw material for refined petroleum products.
Market watchers recalled that the prolonged crisis in the Middle East forced crude prices above the $100 per barrel mark, with some periods seeing prices rise beyond $120. The increase had a direct impact on fuel costs across several countries, including Nigeria.
During the period, petrol prices in Nigeria surged from about N830 per litre to around N1,300 per litre. Diesel and aviation fuel also recorded major increases, putting pressure on businesses and transport operators.
There are now growing expectations that local refiners, including the Dangote Petroleum Refinery, may review their prices if the downward movement in crude oil is sustained.
The refinery had previously reduced its petrol loading price from N1,275 per litre to N1,250 per litre after crude prices softened. Diesel prices were also adjusted downward during the same period.
A source familiar with operations at the refinery said another price cut is possible if the market remains stable. However, the source explained that a large volume of crude purchased at earlier, higher prices is still being processed, which could slow the pace of any immediate reduction.
According to the source, petrol selling at N900 per litre is achievable if global oil prices continue to decline and the market fully adjusts to the new realities.
Fuel marketers have also expressed optimism over the outlook.
The Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) said petrol prices could fall below N1,000 per litre once the Strait of Hormuz is fully reopened and crude oil returns to pre-conflict levels.
The association noted that Nigerians paid around N800 per litre before the crisis escalated and believes the market could gradually move back toward that range if peace is maintained.
The optimism comes after United States President Donald Trump announced that a peace arrangement with Iran was underway, with both countries expected to reopen the Strait of Hormuz as part of the agreement.
The planned reopening is expected to restore smoother global oil supply and reduce pressure on international energy markets.
Meanwhile, checks across the downstream sector indicate that some fuel marketers have already started adjusting their ex-depot prices below the current benchmark, signalling the possibility of another round of competition in the industry.
The landing cost of imported liquefied petroleum gas (LPG), also called cooking gas, has dropped significantly, offering fresh hope for lower energy prices across the country.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) showed that the cost of bringing fuel products into Nigeria has now fallen below the ex-depot prices offered by the Dangote Refinery.
The development comes as petroleum marketers reportedly imported fuel and gas valued at about N279 billion to boost supply and take advantage of declining international market prices, according to a report by Punch.
Cooking gas prices also witnessed a sharp decline in landing costs, raising expectations that consumers may soon enjoy relief from soaring household energy expenses.
MEMAN disclosed that the landing cost of LPG fell to N950,000 per metric tonne. Based on the latest figures, the expected retail price of cooking gas should hover around N925 per kilogramme.
This contrasts sharply with the N1,410 per kilogramme reportedly sold by Dangote Refinery. Despite the reduction in import costs, many Nigerians have yet to feel the impact at the retail level, as cooking gas prices remain stubbornly high across major cities.
Retailers currently sell cooking gas for as high as N2,400 per kilogramme, while larger distributors maintain average prices around N1,800 per kilogramme.
Fresh petrol depot prices have emerged across Nigeria as marketers adjust to rising crude oil prices and renewed tensions in the Middle East.
The latest pricing changes come amid growing uncertainty in the global energy market following fresh military exchanges between the United States and Iran near the Strait of Hormuz, one of the world’s most important oil transit routes.
ndustry data tracked by PetroleumPriceNG and monitored by Legit.ng show that depot owners raised their Premium Motor Spirit (PMS) prices as a protective measure against potential losses linked to volatile international oil prices.
Global crude oil prices climbed during early trading on Wednesday, June 10, 2026, after the United States launched strikes on Iranian military infrastructure near the Strait of Hormuz.
As of 5:08 a.m. WAT, Brent crude rose by 1.03% to $92.39 per barrel, while the U.S. West Texas Intermediate (WTI) crude gained 0.91% to trade at $89.00 per barrel, according to a report by Oilprice.com
The market rally followed reports that American forces targeted Iranian air defence systems, radar installations and surveillance facilities after Washington accused Tehran of bringing down a U.S. Army Apache helicopter operating within the region.
The U.S. Central Command described the strikes as a defensive response. However, Iran denied responsibility for the helicopter incident and accused the United States of escalating tensions unnecessarily. The development has raised fears of a broader regional conflict that could disrupt global crude oil supplies.
Checks across fuel depots nationwide show that marketers have adjusted their petrol prices upward in response to the changing global market conditions.
According to the latest data: AIPEC now sells petrol at N1,247 per litre RainOil Lagos sells at N1,248 per litre Integrated depot price stands at N1,247 per litre Liquid Bulk has also fixed its price at N1,248 per litre Industry experts say the latest adjustments are largely precautionary as marketers attempt to shield themselves from potential losses should crude oil prices continue to rise.
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