Nigerians across major cities now face rising petrol prices after a fresh refinery adjustment. Recently, the Dangote Petroleum Refinery raised its gantry price for Premium Motor Spirit to N995 per litre. Consequently, retail marketers quickly adjusted pump prices across the country.
As a result, petrol now sells above N1,000 per litre in several states. According to market findings, pump prices currently range between N1,000 and N1,190 per litre. However, prices differ depending on location and the retail outlet involved. Meanwhile, commuters and business owners report growing financial pressure from rising fuel costs.
Transport fares have already increased in many cities due to higher petrol prices. Although fuel supply remains stable, many Nigerians still struggle with the new price regime. Motorists and transport operators say the increase worsens economic hardship caused by inflation. Furthermore, small businesses now face higher operating costs due to transportation expenses.
Interestingly, the price surge links closely to rising geopolitical tensions in the Middle East. Specifically, conflict involving Iran, United States, and Israel has disrupted global oil markets. The crisis escalated after joint military strikes on Iranian targets earlier in 2026. Subsequently, retaliatory attacks heightened tensions across strategic energy locations.
One major concern involves disruptions along the Strait of Hormuz shipping corridor. Notably, the strait handles nearly twenty percent of global oil shipments. Therefore, reduced tanker movement has slowed international energy supply chains. Consequently, Brent crude prices climbed above ninety dollars per barrel recently. Since global oil benchmarks influence fuel pricing, Nigeria quickly felt the impact.
Meanwhile, commuters in Abuja already anticipate further transport fare increases. Several filling stations now sell petrol between N1,052 and N1,105 per litre. For instance, MRS Oil Nigeria sells petrol around N1,060 per litre. Similarly, Nipco stations recorded prices as high as N1,105 per litre. Despite higher prices, fuel supply remains steady and queues remain largely absent nationwide.
