Nigerians are facing mounting economic pressure as the cost of fuel continues its upward trajectory. The retail price of Premium Motor Spirit (PMS), commonly known as petrol, has surged to about N1,400 per litre, while Automotive Gas Oil (diesel) has climbed to N1,750 per litre.
This latest increase follows a decision by the Dangote Refinery to adjust its gantry price to N1,175 per litre for petrol and N1,620 per litre for diesel on Monday.
According to LMSINT MEDIA, the steady escalation of fuel costs is creating severe hardship for citizens across the country. Despite the growing concern, President Bola Ahmed Tinubu has yet to publicly respond to the situation or introduce measures to cushion the impact of the increases.
Presidency Yet to Comment on Fuel Price Surge
Attempts to obtain an official reaction from the presidency have not produced any response.
Meanwhile, field checks carried out on Monday evening revealed that several filling stations in Abuja had already implemented new pricing.
Stations such as Ranoil and Empire adjusted their petrol prices almost immediately after the refinery announcement. Retail prices across Abuja and surrounding locations were observed selling between N1,350 and N1,400 per litre.
Diesel Retail Cost Climbs to N1,750 per Litre
The situation is even more severe in the diesel market.
Industry observers indicate that diesel prices could reach N1,750 per litre at many filling stations in Abuja. Previously, diesel had been selling around N1,365 per litre, making the latest adjustment a significant increase.
However, some outlets are still selling below the highest market rate. For example, MRS Oil Nigeria Plc filling stations were observed selling petrol at approximately N1,200 per litre.
A station manager at one of the MRS outlets in Abuja, who requested anonymity, informed LMSINT MEDIA that the price adjustment would take effect the following day.
According to him:
The previous price at that outlet had been N1,092 per litre, indicating another sharp increase.
Petrol Prices Had Already Increased Before Middle East Conflict Escalation
Earlier reports from Nigerian National Petroleum Company Limited retail outlets indicated that petrol prices had already risen significantly.
According to information published by Daily Post Nigeria, petrol prices had increased by N525 per litre at various filling stations even before tensions between Iran, the United States, and Israel intensified on February 28, 2026.
In the past ten days alone, Dangote Refinery reportedly increased its gantry price by N376 per litre, bringing it to N1,175 per litre by Monday evening.
The refinery explained that the adjustments were largely influenced by fluctuations in the global crude oil market.
Global Crude Oil Volatility Driving Price Adjustments
Energy market developments have also contributed to the situation.
Data shows that Brent Crude climbed 6.76 percent within one day, reaching approximately $98.86 per barrel.
At the same time, West Texas Intermediate declined to around $88.11 per barrel after remarks from Donald Trump suggested that diplomatic efforts could bring an end to the conflict involving Iran.
During an interview with CBN News, Trump stated:
“I think the war is very complete, pretty much,” adding that the United States was “very far ahead of schedule.”
These remarks triggered a drop in WTI crude prices below $90 per barrel, marking the first decline since tensions in the Gulf region escalated.
The earlier conflict had caused serious disruptions in global energy supply routes, particularly around the Strait of Hormuz, while also forcing temporary shutdowns of refineries in Saudi Arabia and Qatar.
Rising Fuel Cost Triggers Transport Fare Increase
The increase in petrol and diesel prices is already having a direct impact on transportation costs.
Several commercial drivers in Abuja confirmed to LMSINT MEDIA that transport fares have increased in response to the new fuel prices.
Adamu Abubakar, a taxi driver operating between Deidei and Area 1 in Abuja, explained that he had adjusted his fares.
He said:
“I have increased my fare to N1,500 per trip from N1,200. With the price of fuel going up, we have no choice. Passengers will ultimately bear the burden of the fuel price hike.”
Passengers are also beginning to express concern about the situation.
One commuter, Constance Onuoha, urged government authorities to intervene quickly before transportation costs escalate beyond what ordinary citizens can afford.
According to her:
“The government needs to take action immediately to prevent the transport fare increase from getting completely out of control.”
Manufacturers May Also Be Affected
Beyond transportation, the rising diesel price is expected to affect production costs in multiple sectors.
Many Nigerian manufacturers depend heavily on diesel-powered generators due to inconsistent electricity supply. As diesel prices rise, production expenses are likely to increase, potentially resulting in higher consumer prices for goods.
Economic analysts warn that this chain reaction could worsen inflation in the coming weeks.
Petrol and Diesel Could Reach N2,000–N3,000 per Litre
Industry stakeholders have also warned that fuel prices could continue rising if no stabilizing measures are implemented.
The national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, cautioned that petrol and diesel prices could climb dramatically.
He explained:
“Although there is currently a Naira-for-crude arrangement, that policy does not influence crude oil prices on the international market.”
According to him, the policy mainly helps reduce reliance on foreign exchange rather than stabilizing global crude prices.
He further stated that Dangote Refinery had already raised its petrol gantry price three times because of prevailing market conditions.
Gillis-Harry added that regulators should focus on implementing policies aimed at maintaining price stability without enforcing strict price controls.
Petroleum Marketers Explain the Only Advantage of Dangote Refinery
Meanwhile, marketers have also weighed in on the situation.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria and the Nigerian Oil and Gas Suppliers Association, explained that independent marketers simply sell petrol based on the price they purchase from refineries or depot operators.
He stated:
“We are independent marketers. Whatever price we sell at depends on the cost at which we buy from Dangote Refinery and depot owners.”
Ukadike emphasized that the primary advantage of the Dangote Refinery for Nigerians is improved fuel availability.
According to him, although prices may remain high, the refinery helps prevent shortages.
He added that without the refinery’s supply capacity, petrol prices might have been even higher.
“Instead of buying petrol at around N1,200 per litre, Nigerians might be paying up to N1,800 per litre if the product was scarce.”
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