The retail price of petrol in Nigeria has surged to ₦1,400 per liter and diesel to ₦1,750 per liter following a significant gantry price hike by the Dangote Refinery fueled by global crude oil volatility.
Nigerians are facing renewed economic hardship as the retail price of Premium Motor Spirit (PMS) jumped to ₦1,400 per liter and Automotive Gas Oil (diesel) soared to ₦1,750 on Monday evening. The spike follows a sharp upward adjustment at the Dangote Refinery, which increased its gantry fuel price to ₦1,175 per liter for petrol and ₦1,620 for diesel. Checks across Abuja showed major filling stations like Ranoil and Empire immediately adjusted their pumps, while managers at MRS filling stations confirmed a shift to ₦1,200 per liter effective Tuesday, March 10, 2026. A manager at an MRS outlet told reporters, “From tomorrow (Tuesday) we will start selling fuel at ₦1,200 per liter. We did not have petrol on Monday.”
The refinery attributed the sudden hike to extreme volatility in global crude prices, which saw Brent crude surge to $98.86 per barrel. This market instability has been exacerbated by the ongoing conflict in the Middle East, though West Texas Intermediate (WTI) prices saw a slight dip after U.S. President Donald Trump hinted at a possible end to hostilities. Speaking with CBS News, Trump stated, “I think the war is very complete, pretty much,” claiming the U.S. was “very far ahead of schedule.” Despite these international shifts, the local impact remains severe, with the price of petrol rising by ₦525 per liter since the escalation of the Iran-Israel-U.S. conflict in late February.
The ripple effect of the price hike has immediately hit the transportation sector, with commuters in the Federal Capital Territory reporting a significant rise in fares. Transporters confirmed they have been forced to pass the costs onto the public to remain operational. Adamu Abubakar, a taxi driver plying the Deidei to Area 1 route, confirmed he raised his fare to ₦1,500 from ₦1,200, noting, “It is our passengers that would take the brunt of the fuel price hike.” Despite the growing public outcry, the Presidency has maintained silence, with presidential spokesperson Sunday Dare not responding to inquiries regarding government plans to ameliorate the surge as of press time.
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