Nigerians face fuel price surge as petrol reaches N1,400 and diesel N1,750 following Dangote Refinery gantry price hike
Nigerians are confronting a steep rise in fuel costs as premium motor spirit (petrol) surged to N1,400 per litre and Automotive Gas Oil (diesel) to N1,750 per litre following a Dangote Refinery gantry price increase to N1,175 per litre for petrol and N1,620 per litre for diesel on Monday.
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The surge has sparked concerns across the country as the government, led by President Bola Ahmed Tinubu, has not announced measures to cushion the impact on consumers.
Attempts to obtain comments from the presidency were unsuccessful. When contacted, presidential spokesperson Sunday Dare did not respond as of the time of filing.
Several filling stations in Abuja, including Ranoil and Empire, immediately adjusted prices, with petrol selling between N1,350 and N1,400 per litre and diesel reaching up to N1,750 per litre.
An MRS filling station manager said the station would begin selling petrol at N1,200 per litre from Tuesday, up from N1,092 per litre.
The recent increases come amid global crude price volatility, following Dangote Refinery’s gantry price hike of N376 per litre over the past ten days.
Brent crude rose to $98.86 per barrel, while West Texas Intermediate dropped to $88.11 per barrel after comments from United States President Donald Trump hinted at a possible resolution to hostilities with Iran.
The rise in fuel costs is already affecting transportation.
Taxi driver Adamu Abubakar, who operates the Deidei to Area 1 route in Abuja, confirmed he has increased fares to N1,500 per trip from N1,200.
Passenger Constance Onuoha warned that further fare hikes could exacerbate the economic burden on commuters.
Industry experts suggest the price increase may ripple into other sectors.
Billy Gillis-Harry, national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, said petrol and diesel prices could reach N2,000 and N3,000 per litre if no corrective measures are taken.
Independent marketers, including Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria and the Nigerian Oil and Gas Suppliers Association, stressed that the primary benefit of the Dangote Refinery is preventing fuel scarcity, though prices remain high due to market realities.
“Instead of getting fuel at N1,200 per litre, it would have cost N1,800 per litre if the commodity were scarce,” Ukadike said, underlining that supply stability comes at a premium for consumers.
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With global oil volatility persisting and domestic gantry prices rising, Nigerians are bracing for continued economic pressure in both transportation and manufacturing sectors.
