Petrol prices are rising across Nigeria as international crude oil prices climb above $100 per barrel, putting fresh pressure on transport operators, households and businesses already dealing with high operating costs.
Major fuel marketers have raised their pump prices in response to the changing market conditions. MRS filling stations now sell petrol at ₦1,400 per litre in Lagos and nearby areas, up from ₦1,300, while NNPC Limited stations have moved from ₦1,275 to ₦1,375 per litre.
Some independent marketers have also increased their prices to about ₦1,400 per litre, compared with roughly ₦1,360 previously. The latest adjustments followed an increase in the petrol gantry price at the Dangote Petroleum Refinery to ₦1,350 per litre.
The higher petrol prices are expected to hit transport costs first, with commercial buses, taxis, tricycles and other petrol-powered vehicles facing increased daily expenses. Workers, students, traders and other commuters could see the impact through higher fares as operators attempt to cover their rising fuel costs.
The effect is also likely to spread beyond transportation. Higher fuel and logistics expenses can increase the cost of moving food, raw materials and finished products, giving distributors and retailers more reason to adjust prices. Households that depend on petrol-powered generators could also face higher costs for alternative electricity supply.
Businesses are similarly exposed, particularly manufacturers, retailers, logistics operators, restaurants and other firms that rely heavily on fuel for transportation, production or power. Companies could respond by absorbing lower profits, passing costs to customers, delaying investment or cutting other expenses if the pressure persists.
Mazi Colman Obasi, National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), said the immediate trigger was the sharp rise in international crude prices, which has increased the cost of refined products and changed the economics of domestic fuel supply. He noted that Nigeria’s deregulated downstream market means pump prices are increasingly affected by crude prices, refined-product costs, freight, exchange rates and other supply-chain expenses.
Victoria Ibezim-Ohaeri, Executive Director of Spaces for Change, warned that prolonged fuel and logistics increases could further weaken household purchasing power and put pressure on businesses across several sectors. She also pointed to continued uncertainty in global oil markets, saying disruptions to major shipping routes could keep crude and refined petroleum prices elevated in the coming weeks.
