The fourth fuel price hike in March 2026 has pushed Nigerian petrol prices to as high as ₦1,400 per litre, driven by the escalating Middle East conflict and a corresponding surge in global crude oil costs.
The economic landscape in Nigeria has been rocked by a dramatic surge in the pump price of Premium Motor Spirit (PMS), which reached nearly ₦1,400 per litre in several regions as of Monday, March 23, 2026. This latest spike is the fourth adjustment in the month of March alone, primarily fueled by the intense geopolitical conflict involving the United States, Israel, and Iran. As crude oil prices briefly touched $120 per barrel last week due to threats to the Strait of Hormuz, the Dangote Refinery was forced to adjust its gantry (ex-depot) price from ₦1,175 to ₦1,245 per litre effective March 21. Retailers, including major partners like MRS Oil, have passed these costs directly to consumers, with pumps in Lagos and Abuja now dispensing at ₦1,320 to ₦1,370 per litre.
For ordinary Nigerians, the “energy shock” is translating into a severe cost-of-living crisis. In Lagos, commercial drivers report that their daily earnings have been decimated; a trip that previously cost ₦9,000 in fuel now requires over ₦18,000, while passenger traffic has thinned as commuters opt to stay home or walk. Toheeb Sulaimon, an Ogba–Ikeja transporter, lamented: “When fuel was around ₦800 per litre, I could… make up to ₦30,000 in a day. Now, everything has changed. The cost has doubled, but passengers are fewer.” The NNPCL has also revised its prices upward twice in recent days, confirming the end of any remaining price buffers as the downstream sector fully aligns with volatile global market realities.
The Federal Government has acknowledged the growing hardship, with President Bola Tinubu reportedly initiating emergency measures to cushion the impact on the transport and agricultural sectors. However, financial analysts at the Centre for the Promotion of Private Enterprise (CPPE) warn that the current trend could reverse recent disinflation gains, as high energy costs are already pushing food prices into a fresh upward spiral. With 20% of the world’s oil transit currently at risk in the Middle East, Nigerian officials are urging citizens to brace for continued volatility, even as the Dangote Refinery ramps up production to act as a regional lifeline.
Nigeria Fuel Price Trajectory: March 2026
| Date | Event | Ex-Depot Price (Dangote) | Est. Pump Price |
| March 1 | Baseline | ₦774 / Litre | ₦850 – ₦900 |
| March 8 | 2nd Hike | ₦875 / Litre | ₦960 – ₦1,050 |
| March 15 | 3rd Hike | ₦1,175 / Litre | ₦1,250 – ₦1,300 |
| March 21 | 4th Hike | ₦1,245 / Litre | ₦1,320 – ₦1,400 |
| Global Context | Middle East War | Crude: ~$112/bbl | Hormuz Blockade Risk |
READ THE FULL STORY IN DAILY TRUST
NEWS NOW:
