Nigerians are facing growing economic pressure as the price of Premium Motor Spirit, PMS, has risen to N1,400 per litre while Automotive Gas Oil, AGO, commonly known as diesel, has climbed to N1,750 per litre following a fresh increase in gantry prices by Dangote Refinery.
The refinery on Monday raised its gantry price to N1,175 per litre for petrol and N1,620 per litre for diesel, triggering an immediate rise in retail prices across filling stations.
Presidency keeps mum
While fuel prices continue to surge nationwide, President Bola Ahmed Tinubu has yet to publicly address the situation or announce measures to cushion the impact on citizens.
Efforts to obtain a reaction from the presidential spokesperson, Sunday Dare, were unsuccessful as he did not respond to inquiries at the time of filing this report.
Checks conducted on Monday evening in Abuja showed that Ranoil, Empire and several other filling stations had already adjusted their pump prices, selling petrol between N1,350 and N1,400 per litre.
Diesel price hits N1,750 per litre
Diesel prices have also surged sharply, with some filling stations in Abuja selling as high as N1,750 per litre, up from about N1,365 per litre recorded earlier.
Meanwhile, MRS filling stations are currently selling petrol at N1,200 per litre.
A manager at an MRS station in Abuja, who preferred anonymity, disclosed that the outlet would begin selling petrol at the new price from Tuesday.
“From tomorrow (Tuesday) we will start selling fuel at N1200 per liter. We did not have petrol on Monday,” he said.
Petrol prices have already increased by about N525 per litre at Nigerian National Petroleum Company Limited retail outlets and other filling stations before the Iran United States Israel war escalated on February 28, 2026.
In the past ten days alone, Dangote Refinery has increased its gantry price by N376 per litre, bringing the price to N1,175 per litre as of Monday evening.
The refinery attributed the latest increase to volatility in global crude oil prices.
Brent crude rose by 6.76 percent on a day to day basis to reach 98.86 dollars per barrel, while West Texas Intermediate fell to 88.11 dollars per barrel after indications that United States President Donald Trump hinted at a possible end to hostilities with Iran.
Trump hints at possible end to war as WTI crude drops
Speaking with CBN News, Trump said “I think the war is very complete, pretty much”, adding that the United States was “very far ahead of schedule”.
His remarks triggered a drop in WTI crude prices below 90 dollars per barrel on Monday, marking the first decline since tensions in the Gulf region escalated. The conflict had created anxiety around the Strait of Hormuz and led to shutdowns of refineries in Saudi Arabia and Qatar.
Effect of transport fare hike on Nigerians
Transport operators in Abuja have already begun adjusting fares following the increase in fuel prices.
Adamu Abubakar, a taxi driver operating on the Deidei to Area 1 route, said he had raised his fare to N1,500 per trip from N1,200.
“It is our passengers that would take the brunt of the fuel price hike,” he said.
A passenger, Constance Onuoha, also confirmed the increase in transportation fares and called on the government to intervene.
“The government needs to intervene to prevent the fare hike due to the fuel price increment from getting out of hand,” she said.
The rising diesel price is also expected to affect manufacturers, as higher energy costs could lead to increased prices for goods and services in the coming days.
Fuel, diesel may hit N2,000 or N3,000 per litre
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis Harry, warned that petrol and diesel prices could surge further if urgent action is not taken.
“We have a Naira for crude deal in place. However, the policy does not impact the crude oil price on the international crude oil market.
“The policy is only saving the dollar because the volatility of the currency is dependent on imports. Dangote has increased the petrol gantry price thrice due to the market realities.
“This is why we have urged the regulators to work towards a price stability programme without regulating price,” he said.
Petroleum marketers explain benefit of Dangote Refinery
Also commenting on the development, Chinedu Ukadike, spokesperson of the Independent Petroleum Marketers Association of Nigeria and the Nigerian Oil and Gas Suppliers Association, said marketers would continue to sell petrol based on their purchase price from Dangote Refinery and depot owners.
“Well, we are independent marketers. Whatever we sell, we buy from Dangote Refinery and depot owners.
“The only benefit of Dangote Refinery is that there will be supply, no fuel scarcity.
“Instead of getting it at N1,200 per liter, you will be getting it at N1,800 per liter because the commodity would have been scarce,” he said.
