Nigerians across major cities are grappling with rising petrol prices after the Dangote Petroleum Refinery increased its gantry price of Premium Motor Spirit (PMB) to N995 per litre, triggering retail price adjustments nationwide and pushing pump prices to between N1,000 and N1,190 per litre.
As a result, transport fares and prices goods and other services have gone up in parts of the country.
Although the pump price increase has not triggered panic buying in most states due to steady supply, motorists, transport operators and small business owners say the new price regime is placing additional strain on household incomes already stretched by inflation.
The fuel price increase is closely linked to the escalating geopolitical crisis in the Middle East involving Iran, the United States and Israel, which has disrupted global oil supply chains and pushed crude oil prices upward.
The conflict intensified after joint military strikes by the United States and Israel on Iranian targets late February, leading to retaliatory attacks by Iran across the region and escalating tensions around key energy infrastructure.
One of the most critical developments in the crisis has been the disruption of shipping through the Strait of Hormuz. This is a narrow maritime corridor between Iran and the Arabian Peninsula that serves as one of the world’s most important oil transit routes.
The strait handles nearly 20% of global oil and natural gas shipments, making it a vital chokepoint for international energy trade.
Following the escalation of hostilities, Iran issued warnings to vessels linked to the United States and Israel as attacks on ships in the area made maritime traffic through the strait to drop dramatically.
At one point, tanker movements fell sharply and many vessels remained anchored outside the waterway to avoid security risks.
The disruption has stranded millions of barrels of crude oil and refined products in the Gulf, raising fears of a global supply shortage.
The crisis has already pushed Brent crude price above $90 per barrel, with projections that the figure could climb even higher if the conflict persists.
Since global oil prices serve as the primary benchmark for petroleum products, the shock to supply has quickly filtered into fuel markets worldwide, including Nigeria.
In the Federal Capital Territory, Abuja, commuters are already bracing for higher transport fares as filling stations adjusted pump prices to above the N1,000 mark.
A market survey conducted by Sunday PUNCH showed that most filling stations in the city now sell petrol between N1,052 and N1,105 per litre.
At MRS Oil Nigeria, a retail partner of Dangote Refinery, petrol was sold at N1,060 per litre, while Nipco Filling Station along Airport Road dispensed the product at N1,105 per litre, the highest price recorded during the survey.
Other outlets, including Matrix Energy, Bovas, Shafa, Shema and A.A. Rano adjusted pump prices upward to between N1,052 and N1,092 per litre.
Despite the price increase, fuel was readily available at the stations visited and there were no queues.
However, the price hike has already begun to impact transport fares.
A commercial driver operating along the Federal Secretariat-Asokoro route, Daniel Ishyaku, said he had increased fares from N400 to N700 to cope with rising fuel costs.
‘Fuel is now more than N1,000 per litre. I bought petrol at N1,060 today. If I don’t increase the fare, I will run at a loss’, the driver said.
Some commuters expressed frustration over the development, saying frequent fuel price adjustments were worsening the cost-of-living crisis.
‘When fuel goes up like this, transport fares follow immediately. But our salaries have not increased’, one passenger who doesn’t want to be named lamented.
In Lagos, the country’s commercial hub, petrol prices climbed as high as N1,190 per litre in some outlets early on Saturday.
Visits to filling stations across the metropolis showed petrol selling between N1,005 and N1,190 per litre.
At a Mobil Filling Station along Agege Motor Road in Mushin, petrol was sold at N1,018 per litre.
A dispatch rider, Augustine Akor said that the increase had forced him to raise delivery charges.
‘I bought fuel at N1,018 in Iju-Ishaga this morning. I delivered a package to Ogba and had to charge N4,800 instead of N4,000 because of the fuel increase’, 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 the product at N1,039 per litre, where customers were seen purchasing fuel with 25-litre jerrycans.
A boutique owner, Chukwudi Anioke said that the rising cost of fuel could force him to increase prices of goods in his shop.
‘I pay for Band A electricity but power supply is not stable, so I rely heavily on my generator. Now that petrol has increased again, we will have no option but to increase prices’, he said.
At Oniwaya Bus Stop in Agege, petrol was sold at N1,030 per litre.
A tricycle operator, Kamoru Saheed said that transport fares had already doubled on some routes.
‘We have increased fares from N100 to N200 because of the fuel price. Everything keeps increasing’, he said.
In Kaduna State, checks showed petrol selling between N1,060 and N1,070 per litre across major stations in the Kaduna metropolis.
Stations including AA Rano, Rainoil, NNPC Mega Station and Future View dispensed fuel without the long queues typically associated with price hikes.
A motorist simply identified as Ibrahim said that residents had no reason to panic.
‘There is no scarcity of fuel, so there should be no panic buying. Fuel is available everywhere’, he said.
A similar situation was observed in Taraba State, where petrol sold between N1,000 and N1,060 per litre in Jalingo and Wukari.
A commercial driver, Ibrahim Usman said that the availability of fuel had prevented panic buying.
In Benin City, the Edo State capital, petrol sold between N1,050 and N1,072 per litre on Saturday.
At Hifly filling station on Sakponba Road, motorists purchased fuel at N1,072 per litre without queues.
Similarly, Raptors Filling Station on Sapele Road sold petrol for N1,050 per litre.
However, the NNPC station in the city was not selling the product at the time of visit, though an attendant said petrol sold at N995 per litre the previous day.
In Port Harcourt, Rivers State, petrol prices ranged between N1,050 and N1,075 per litre.
At Restore Park filling station along Elekahia, petrol sold for N1,050 per litre, with only a few vehicles seen buying the product.
A motorist identified as Andy expressed frustration at the sudden increase.
‘I bought petrol for N1,030 yesterday. Today it has jumped to N1,050’, he said.
Another motorist, Felix Naamime lamented the economic impact.
‘Petrol is expensive in a country with four refineries. Government must do something to help citizens’, he said.
In Gombe, petrol sells for between N1,080 and N1,250 per litre, as residents continue to express concern over the rising cost of the commodity.
A visit to several filling stations within Gombe metropolis revealed that the lowest price was recorded at Bovas Petroleum, where petrol is sold at N1,080 per litre.
However, many other stations dispense the product at prices between N1,150 and N1,250 per litre.
A commercial motorcyclist in Gombe metropolis, Ibrahim Musa said that the high cost of petrol has significantly affected his daily income.
‘We are really suffering. Before now, I could buy fuel with less money and still make a profit at the end of the day. Now, most of what we make goes back into buying petrol’, he said.
Similarly, a resident of the city, Aisha Mohammed, said the situation had worsened the cost of living for ordinary citizens.
‘The price of everything is increasing because transport fares are going up. When fuel is this expensive, it affects food prices and other essential goods. It is becoming difficult for families to cope’, she said.
