Fuel prices have surged to as high as ₦1,400 per litre in parts of Nigeria, adding pressure to households and businesses already facing rising living costs.
Checks on Monday, March 23, 2026, show that Premium Motor Spirit (PMS) now sells between ₦1,310 and ₦1,400 per litre nationwide, with some remote areas recording even higher rates due to supply challenges.
The increase follows a rise in depot prices after the Dangote Refinery reportedly raised its gantry price to about ₦1,245 per litre.
This adjustment has filtered through the retail market, pushing pump prices upward.
Industry experts attribute the surge to rising global crude oil prices, which have crossed $100 per barrel amid Middle East tensions, the naira’s continued volatility, and higher logistics costs.
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In Nigeria’s deregulated downstream sector, these factors directly affect retail pricing.
In Lagos, petrol prices range between ₦1,320 and ₦1,330 per litre, while in Abuja they hover around ₦1,360 to ₦1,370. Northern and remote areas are seeing prices approach or exceed ₦1,390 per litre.
The spike is already impacting transportation fares and business operations, with small enterprises adjusting costs to cope with higher energy expenses, contributing to broader inflationary pressures.
Analysts warn that with Nigeria’s fuel market largely deregulated, pump prices will continue to track global oil trends and currency fluctuations, making further volatility likely in the coming weeks.