BY GODWIN OBI
Nigerians across major cities are groaning under the weight of rising petrol prices following an increase in the gantry price of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery to N995 per litre, a development that has triggered retail price adjustments nationwide.
A Frontline Reporters survey across several states shows that petrol now sells between N1,000 and N1,190 per litre, depending on the location and retail outlet.
The increase has already begun to push up transportation fares and the prices of goods and services, deepening the economic pressure on households already struggling with high inflation.
Although the latest price hike has not sparked widespread panic buying due to steady supply across most locations, motorists, commercial drivers and small business operators say the new price regime is stretching their already thin incomes.
Middle East crisis pushes oil prices up
The recent surge in petrol prices is also linked to the escalating geopolitical tensions in the Middle East involving Iran, the United States and Israel, which have disrupted global oil supply chains and driven crude oil prices higher.
The crisis intensified after joint military strikes by the United States and Israel on Iranian targets in late February 2026, prompting retaliatory attacks by Iran and raising fears over the safety of key energy infrastructure in the region.
A major concern has been the disruption of shipping activities through the Strait of Hormuz, a critical maritime corridor that handles nearly 20 per cent of global oil and gas shipments.
Following heightened hostilities, tanker movements through the strait dropped significantly as vessels avoided the route due to security concerns. The disruption has left millions of barrels of crude oil and refined products stranded in the Gulf.
The situation has pushed Brent crude prices above $90 per barrel, with analysts warning that prices could rise further if the conflict persists.
Abuja commuters brace for transport fare hike
In the Federal Capital Territory, filling stations have already adjusted pump prices to above N1,000 per litre, leaving commuters bracing for higher transport fares.
A Frontline Reporters market survey showed petrol selling between N1,052 and N1,105 per litre across several filling stations in Abuja.
At MRS Oil Nigeria, a retail partner of Dangote Refinery, petrol sold for N1,060 per litre, while Nipco Filling Station along Airport Road dispensed the product at N1,105 per litre, the highest price recorded during the survey.
Other stations including Matrix Energy, Bovas, Shafa, Shema and A.A. Rano sold petrol between N1,052 and N1,092 per litre.
Despite the price increase, fuel remained available at most outlets visited and there were no queues.
However, commercial drivers say the impact is already being felt.
A driver operating along the Federal Secretariat–Asokoro route, Daniel Ishyaku, said he had increased his fare from N400 to N700.
“Fuel is now more than N1,000 per litre. I bought petrol at N1,060 today. If I don’t increase the fare, I will run at a loss,” he said.
Lagos motorists pay as high as N1,190
In Lagos, petrol prices rose as high as N1,190 per litre in some stations on Saturday.
Checks by Frontline Reporters showed that most outlets across the metropolis sold the product between N1,005 and N1,190 per litre.
At a Mobil filling station along Agege Motor Road in Mushin, petrol sold for N1,018 per litre.
A dispatch rider, Augustine Akor, said the increase had forced him to raise delivery charges.
“I bought fuel at N1,018 this morning. I had to charge N4,800 instead of N4,000 for a delivery because of the fuel increase,” he explained.
A boutique owner, Chukwudi Anioke, also lamented that the rising cost of petrol could force many small businesses to increase prices.
“I pay for Band A electricity but supply is not stable, so I depend on my generator. With petrol increasing again, we may have no option but to raise prices,” he said.
Prices rise across states
In Kaduna, petrol sold between N1,060 and N1,070 per litre, while in Taraba, the product sold between N1,000 and N1,060 per litre.
In Benin City, Edo State, prices ranged between N1,050 and N1,072 per litre, while in Port Harcourt, Rivers State, petrol sold between N1,050 and N1,075 per litre.
In Gombe, however, the situation was more severe, with petrol selling between N1,080 and N1,250 per litre in some stations.
A commercial motorcyclist, Ibrahim Musa, said the increase had drastically reduced his earnings.
“Most of what we make now goes back into buying petrol,” he lamented.
Panic buying in Jigawa
Unlike other states, some parts of Jigawa State witnessed panic buying as motorists rushed to filling stations amid fears of further price increases.
Petrol sold for about N1,020 to N1,050 per litre in Dutse.
Residents across several states warned that the rising cost of fuel could worsen the already difficult economic situation, as higher transport and energy costs typically trigger increases in food prices and other essential goods.
With petrol now selling above N1,000 per litre in many parts of the country, many Nigerians fear the ripple effects on the economy may only just be beginning.
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2026-03-05