The price of petrol in Nigeria has seen a dramatic increase, now reaching N1,400 per litre. This surge follows a period where petrol was available at approximately N937 per litre at some stations, indicating a significant rise in fuel costs.

In recent developments, Dangote Petroleum Refinery has raised its gantry price for petrol to N1,175 per litre. This adjustment is part of a broader trend influenced by global crude oil prices, which have surged above $80 per barrel, affecting local fuel pricing.

Some filling stations have reported selling petrol at prices ranging from N1,250 to N1,400, reflecting the volatile nature of the market. Diesel prices have also escalated, now reaching N1,750 per litre.

Industry experts are voicing concerns over the implications of these price hikes. Dr. Chinyere Almona noted that the increases in fuel pump prices are likely to impact transport and food prices, particularly concerning food distribution logistics.

Inflation Concerns

The Organised Private Sector has warned that the rising petrol prices could trigger inflation across various sectors of the economy. Dr. Femi Egbesola emphasized that energy costs, particularly for petrol and diesel, are major drivers of inflation due to their widespread use in multiple industries.

Paul Alaje remarked, “As crude oil goes up, the cost of PMS, diesel and Jet-A1 will also follow,” highlighting the direct correlation between global oil prices and local fuel costs.

Details remain unconfirmed regarding the closure of some filling stations, which may be linked to the current pricing dynamics. Additionally, the ongoing US-Iran conflict adds an element of uncertainty to the future of local fuel prices.

Observers are closely monitoring the situation, as the market has been described as extremely volatile, with replacement costs shifting significantly in recent days, according to a Dangote Petroleum Refinery official.

The post Fuel price in nigeria appeared first on Toprecruitment.

“The current Middle East crisis is affecting overall global energy prices, crude oil, LNG and other fuels, and that has implications for refined product pricing globally,” stated a source from the Dangote refinery. This statement comes as Nigeria grapples with a significant fuel price hike, marking the second increase in less than 24 hours.

The Nigerian National Petroleum Company Limited (NNPCL) has adjusted its pump price from N967 to N1,082 per liter in Abuja, representing a N115 increase. Retail pump prices in several states now exceed N1,000 per litre, raising concerns among consumers and businesses.

In a related development, the Dangote refinery has temporarily suspended the loading of Premium Motor Spirit (petrol), further complicating the supply situation. The refinery has cautioned that sourcing crude internationally may not immediately reduce pump prices, as they currently receive just five cargoes a month from NNPC, instead of the 13 cargoes required.

“If the refinery was not operating, petrol prices in Nigeria could easily have reached N1,500 per litre,” remarked Jeremiah Olatide, highlighting the critical role of local refining in stabilizing prices.

The latest adjustments in fuel pricing have been attributed to crude price volatility, particularly influenced by the ongoing Iran–US–Israel conflict affecting the Gulf region. Billy Gillis-Harry, a spokesperson for the Dangote Refinery, noted that the gantry petrol price hike and retail price adjustment are direct consequences of these global market fluctuations.

Additionally, US crude exports to Nigeria surged to 41.13 million barrels in 2025, a significant increase from 15.79 million barrels in 2024. This surge reflects the changing dynamics of global oil supply and demand.

Mohammed Ibrahim, a local fuel importer, criticized the situation, stating, “What we are seeing is nothing but deliberate blackmail by some fuel importers who feel threatened by local refining.” This sentiment underscores the tensions within the fuel supply chain as local refiners compete with international suppliers.

Details remain unconfirmed regarding the exact impact of the fuel price hike on transport fares and the cost of goods. As consumers brace for higher costs, the government and industry stakeholders are expected to monitor the situation closely.

The post Fuel Price Hike: Nigeria Faces Increased Costs appeared first on Toprecruitment.