Petrol Price Hits N1,400 Per Litre Nationwide

Petrol prices have climbed to as high as N1,400 per litre across Nigeria, leading to fresh increases in transport fares and worsening the cost of living for many Nigerians.

POLITICS NIGERIA reports that the latest increase follows a surge in global crude oil prices.

This comes days after Dangote Petroleum Refinery resumed the sale of Premium Motor Spirit (PMS) in naira and raised its ex-depot price from N1,075 to N1,215 per litre, representing a 13.02 per cent increase.

The refinery had suspended petrol sales in naira on July 15 and temporarily switched to dollar pricing, citing difficulties in accessing sufficient crude oil under the Federal Government’s naira-for-crude arrangement. It later reversed the decision after government intervention.

A notice issued by the refinery’s commercial department stated, “Please be advised that all unloaded gantry volumes will be subject to repricing at the new price, which is effective 22nd July 2026. Kindly proceed with placing your order. Should you require any further clarification, please do not hesitate to contact us.”

The increase in ex-depot prices has pushed pump prices to between N1,260 and N1,400 per litre in different parts of the country. Market data showed that petrol sold for about N1,300 per litre in Lagos, between N1,255 and N1,305 in Ilorin, about N1,350 in Kaduna, between N1,360 and N1,370 in Adamawa, and between N1,370 and N1,390 in Maiduguri.

The Nigerian National Petroleum Company Limited (NNPCL) also increased its pump price for the second time in less than two days, raising the price from N1,270 to N1,335 per litre at its retail outlets in Abuja.

The latest adjustments have been linked to rising international crude oil prices, with Brent crude climbing above 100 dollars per barrel while the United States benchmark, West Texas Intermediate (WTI), rose to 92.71 dollars per barrel amid renewed tensions in the Middle East. The development has increased the cost of imported crude and refined products, forcing marketers to adjust prices.

Industry pricing platform Petroleumprice.ng confirmed that Dangote Refinery had returned to selling petrol in naira. Its Chief Executive Officer, Jeremiah Olatide, said, “Yes, the refinery has returned to pricing its product in naira.”

The sharp rise in fuel prices has already affected transport costs in several states. In Maiduguri, the fare for a trip to Kano increased from N20,000 to N25,000, while commuters in the Federal Capital Territory complained that transportation now consumes a larger share of their income. Commercial drivers said they had no option but to increase fares because of the higher cost of fuel.

Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Borno State, Mohammed Kuluwu, said the constant fluctuations in petrol prices had discouraged many marketers from loading products.

Energy law expert at the University of Lagos, Prof. Dayo Ayoade, said the increase reflects the realities of Nigeria’s deregulated petroleum market. He explained that domestic petrol prices are now largely determined by international crude oil prices and exchange rate movements, while the Petroleum Industry Act limits government intervention in fuel pricing.

Oil and gas analyst Abdullahi Shehu urged the Federal Government to supply crude oil to local refineries in naira at subsidised rates to reduce petrol prices.

Meanwhile, economist and oil and gas expert, Dr Marcel Okeke, also warned that the continued increase in fuel prices would further worsen the economic hardship facing Nigerians.