Nigeria is grappling with a fresh wave of economic pressure as the cost of Premium Motor Spirit (PMS), commonly known as petrol, continues its steep climb—now nearing ₦1,400 per litre in many regions.
The surge is deepening financial strain on households already battling rising living costs, with ripple effects felt across transportation, small businesses, and everyday expenses.
Across the country, commuters, transport operators, and entrepreneurs describe the situation as increasingly unsustainable.
Higher fuel prices have pushed transport fares upward, inflated operating costs, and reduced disposable income, leaving many Nigerians struggling to keep up.
What’s Driving the Surge?
The latest increase is largely linked to global oil market trends, with crude prices recently spiking close to $120 per barrel before settling slightly above $110 amid geopolitical tensions in the Middle East.
This global shift has translated directly into higher local fuel prices, especially following a price adjustment by the Dangote refinery, which raised its gantry price from ₦1,175 to ₦1,245 per litre.
That move triggered a domino effect across the downstream sector.
Fuel marketers quickly revised pump prices upward, with rates now ranging between ₦1,310 and ₦1,400 depending on location, supply logistics, and distribution costs.
The situation underscores the unpredictability of Nigeria’s deregulated fuel market.
Lagos: Transporters Under Pressure
In Lagos, widely regarded as Nigeria’s commercial hub, the impact is especially pronounced.
Fuel prices at filling stations have fluctuated between ₦1,320 and ₦1,330 per litre, with occasional spikes to ₦1,380.
Commercial drivers say their earnings have taken a hit. One operator on the Ogba–Ikeja route explained that while he previously spent around ₦9,000 on fuel and earned up to ₦30,000 daily, his fuel costs have now doubled, with fewer passengers to compensate for the increase.
Others report similar trends, noting that even with higher fares, profits are shrinking as commuters cut back on travel.
Northern Nigeria: Sharp Fare Increases
In Kano, petrol prices have climbed as high as ₦1,390 per litre.
Independent marketers cite rising supply and transportation costs as the reason for the hike.
The consequences are evident in transport fares. Residents report drastic increases, with some trips costing up to four times their usual price.
This has sparked frustration, with many accusing transport operators of exploiting the situation.
Others warn that continued price hikes could force people to abandon personal vehicles or seek alternative means of income.
Abuja: Unpredictable Costs Disrupt Daily Life
In the Federal Capital Territory, Abuja, fuel now sells between ₦1,361 and ₦1,370 per litre at most stations. Frequent price adjustments have made budgeting difficult for residents, particularly salaried workers.
Many commuters say their transport expenses have nearly doubled in recent months.
In response, some are turning to carpooling, while others are exploring remote work options to reduce travel costs.
Ilorin and Other Cities Feel the Pinch
In Ilorin, petrol prices range from ₦1,295 to ₦1,343 per litre.
Residents say the persistent increases are eroding their purchasing power and forcing tough financial choices.
Some have already begun limiting the use of personal vehicles to cut down expenses.
Businesses are also feeling the strain. Traders report rising costs of goods due to higher transportation expenses.
For instance, cement prices have already increased, with further hikes expected if fuel costs continue to rise.
South-South: Even Higher in Scarce Areas
In Port Harcourt and Yenagoa, the situation is more severe, particularly in areas with limited access to official filling stations.
While registered outlets sell petrol between ₦1,300 and ₦1,400 per litre, black market prices have soared to as high as ₦1,800.
This disparity has placed additional pressure on residents, many of whom are forced to buy fuel at inflated rates.
Transport fares have also surged significantly. In Port Harcourt, short trips that once cost ₦300–₦400 now go for as much as ₦700, while interstate travel has seen similar increases.
A Growing Cost-of-Living Crisis
The continued rise in petrol prices is reshaping daily life across Nigeria.
From reduced mobility to shrinking business margins, the effects are far-reaching.
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With no immediate relief in sight, many Nigerians are bracing for further adjustments—while seeking new ways to cope with an increasingly expensive reality.