By SUNTV Global News Desk | March 10, 2026
Nigeria is facing a fresh wave of fuel price increases as the cost of petrol has surged to about ₦1,400 per litre in several parts of the country, sparking fears of deeper economic hardship for millions of citizens.
SUNTV Global reports that the spike follows a new price adjustment by Dangote Refinery, which raised its gantry (ex-depot) price of Premium Motor Spirit (PMS) to ₦1,175 per litre. The refinery also increased the depot price of Automotive Gas Oil (diesel) to ₦1,620 per litre.
The latest adjustment marks the third petrol price increase within a week, after earlier hikes moved the refinery price from ₦774 to ₦874, then to ₦995, before the new jump to ₦1,175 per litre.
Following the change, filling stations across the country have begun adjusting their pump prices. Fuel outlets operated by major brands including Ranoil and Empire Energy, along with other independent stations in the Federal Capital Territory, are now selling petrol between ₦1,350 and ₦1,400 per litre.
Diesel prices have also climbed sharply, with some stations dispensing the product at around ₦1,750 per litre, up from approximately ₦1,365 per litre recorded earlier.
Despite the growing concerns, Nigeria’s Presidency has yet to issue an official statement on the rising fuel costs or possible measures to stabilise the market.
Industry stakeholders warn that the situation could worsen if urgent action is not taken. The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, noted that the country’s naira-for-crude policy does not shield local fuel prices from fluctuations in global crude oil markets.
According to him, the current market structure means petrol prices remain heavily influenced by international crude oil prices, exchange rate volatility, and refinery operating costs.
Energy analysts say the pressure on fuel prices has intensified following the sharp rise in global oil prices. Brent crude oil recently surged above $100 per barrel, briefly hitting about $119, amid escalating tensions linked to the ongoing United States and Israel’s military conflict with Iran.
Although prices later eased slightly to around $110 per barrel, the volatility has raised fears of disruptions in global energy supply.
Experts warn that if crude prices continue to climb and local supply challenges persist, petrol prices in Nigeria could soar toward ₦3,000 per litre in the coming months, potentially triggering a new wave of inflation and economic strain on households and businesses nationwide.
SUNTV Global will continue to monitor developments in the energy sector and provide updates as the situation unfolds.
