Nigerians across several major cities are experiencing renewed economic pressure following a sharp increase in the price of Premium Motor Spirit (PMS), commonly known as petrol. The development comes after the Dangote Petroleum Refinery raised its gantry price to N995 per litre, a move that has triggered widespread adjustments in retail fuel prices across the country. As a result, petrol now sells above N1,000 per litre in many states, with some locations recording pump prices as high as N1,190 per litre.
The latest price increase has begun to ripple through various sectors of the economy, particularly transportation and small-scale businesses, as operators struggle to cope with the rising cost of fuel. Many commuters and residents fear that the new pricing regime will worsen the already difficult cost-of-living conditions caused by inflation and economic uncertainty.
Market surveys conducted in several cities revealed that petrol now sells between N1,000 and N1,190 per litre, depending on location, distribution costs, and the retail outlet. Although the sudden increase has not triggered widespread panic buying, largely due to the steady availability of fuel at filling stations, consumers say the financial impact is already being felt in their daily expenses.
Transport operators have begun adjusting fares to reflect the higher cost of fuel, while small business owners who rely on petrol-powered generators are also warning of possible price increases for goods and services.
The latest rise in petrol prices in Nigeria is closely linked to the escalating geopolitical crisis in the Middle East involving Iran, the United States, and Israel. The conflict has significantly disrupted global oil supply chains and pushed crude oil prices upward in the international market.
Tensions intensified after joint military strikes by the United States and Israel on Iranian targets in late February 2026, an operation that reportedly killed Iran’s Supreme Leader. The strikes prompted retaliatory actions by Iran across parts of the Middle East, leading to a broader regional confrontation.
One of the most critical developments in the unfolding crisis has been the disruption of maritime shipping through the Strait of Hormuz, a narrow but strategically vital waterway located between Iran and the Arabian Peninsula. The strait serves as one of the world’s most important transit routes for oil and natural gas, handling nearly 20 percent of global petroleum shipments.
Following the escalation of hostilities, Iran issued warnings to vessels believed to be linked to the United States and Israel. Several incidents involving attacks on ships in the region have also been reported, forcing many commercial vessels to avoid the route due to security risks.
At one stage during the crisis, tanker movements through the Strait of Hormuz dropped significantly as several ships remained anchored outside the waterway, waiting for security conditions to improve. The disruption has stranded millions of barrels of crude oil and refined petroleum products in the Gulf region, raising fears of a global supply shortage.
The tension has already pushed Brent crude oil prices above $90 per barrel, with analysts warning that prices could rise further if the conflict persists. Since global crude oil prices serve as the benchmark for petroleum products worldwide, the shock to supply has quickly filtered into fuel markets across the globe, including Nigeria.
In Nigeria’s Federal Capital Territory, Abuja, the impact of the price adjustment is already visible at filling stations and on public transportation routes. A market survey conducted across major parts of the city showed that petrol prices now range between N1,052 and N1,105 per litre.
At MRS Oil Nigeria, a retail partner of the Dangote Refinery, petrol was sold at N1,060 per litre, while Nipco Filling Station along Airport Road dispensed fuel at N1,105 per litre, the highest price recorded during the survey.
Other fuel outlets including Matrix Energy, Bovas, Shafa, Shema, and A.A. Rano have also adjusted their pump prices upward, with most stations selling petrol between N1,052 and N1,092 per litre.
Despite the price increase, fuel was readily available at most stations visited, and there were no long queues typically associated with sudden price hikes.
However, transport operators say they have been forced to increase fares to remain in business.
A commercial driver operating along the Federal Secretariat–Asokoro route, Daniel Ishyaku, explained that he had raised the transport fare from N400 to N700 in response to the rising cost of petrol.
“Fuel is now more than N1,000 per litre. I bought petrol at N1,060 today. If I continue charging the old fare, I will be running at a loss,” he said.
Some commuters expressed frustration at the development, arguing that fuel price increases almost always translate into higher transportation costs, while workers’ salaries remain unchanged.
“When petrol increases like this, transport fares immediately follow,” said one commuter who declined to give his name. “But our salaries have not increased. Everything just keeps getting more expensive.”
In Lagos, Nigeria’s commercial capital, petrol prices climbed even higher, reaching N1,190 per litre in some outlets on Saturday morning.
Visits to filling stations across different parts of the metropolis revealed that petrol was being sold between N1,005 and N1,190 per litre, depending on the station and location.
At a Mobil Filling Station along Agege Motor Road in Mushin, petrol was sold for N1,018 per litre.
A dispatch rider, Augustine Akor, said the increase had forced him to adjust his delivery charges.
“I bought fuel at N1,018 in Iju-Ishaga this morning. When I delivered a package to Ogba, I had to charge N4,800 instead of N4,000 because fuel is now more expensive,” he said.
At the NNPC Filling Station on Yaya Abatan Road, petrol sold for N1,005 per litre, although the price was not displayed on the station’s signboard.
Nearby, an AP Filling Station sold petrol at N1,039 per litre, where customers were seen purchasing fuel in 25-litre jerrycans, possibly to store for future use.
Business owners are also beginning to feel the effects of the price increase. A boutique owner, Chukwudi Anioke, said the rising cost of fuel could force him to increase the prices of goods in his shop.
“I pay for Band A electricity but the supply is not stable, so I depend heavily on my generator. Now that petrol has increased again, we may have no option but to increase prices,” he explained.
At Oniwaya Bus Stop in Agege, petrol sold for N1,030 per litre, while transport fares in the area have already doubled on some routes.
A tricycle operator, Kamoru Saheed, confirmed that fares have increased significantly.
“We have increased fares from N100 to N200 because of the fuel price. Everything keeps increasing,” he said.
In Kaduna State, petrol prices were slightly lower but still significantly above the previous levels. Checks across the Kaduna metropolis showed fuel selling between N1,060 and N1,070 per litre.
Stations such as AA Rano, Rainoil, NNPC Mega Station, and Future View dispensed fuel without the long queues that usually accompany fuel price hikes.
A motorist identified simply as Ibrahim said residents were not panicking because fuel remained available.
“There is no need for panic buying because fuel is available everywhere. But the price is too high, and it will affect everything,” he said.
As petrol prices continue to rise, many Nigerians fear that the situation could worsen if global oil prices keep climbing. Analysts warn that unless tensions in the Middle East ease soon, the ripple effects on fuel markets and domestic economies around the world—including Nigeria—could persist for months.
