The price of petrol has been increasing due to global crude oil price fluctuations and geopolitical tensions. Recently, petrol prices have risen to N1,400 per litre, a significant increase from previous rates.
Recent Developments
As of March 10, 2026, Dangote Petroleum Refinery has increased its gantry price for petrol to N1,175 per litre. Prior to this hike, petrol was selling at about N937 per litre at some stations, with prices reported at N1,050 per litre at NNPC retail stations. Following the increase, some filling stations have been selling petrol for N1,250, N1,350, and N1,400.
In addition to petrol, diesel prices have also surged, reaching N1,750 per litre. This price hike has been attributed to global crude oil prices, which have surged above $80 per barrel.
Dr. Chinyere Almona highlighted the broader implications of these increases, stating, “We are already seeing increases in fuel pump prices, and this is likely to impact transport and food prices as it relates to food distribution logistics.” Additionally, Dr. Femi Egbesola remarked, “Energy, particularly petrol and diesel, has always been one of the major drivers of inflation because it is used across virtually all sectors.”
The Organised Private Sector has warned that the rising petrol prices could trigger inflation, raising concerns about the economic impact on consumers and businesses alike. Details remain unconfirmed regarding the closure of some filling stations, and the impact of the ongoing US-Iran conflict on local fuel prices remains uncertain.