Petrol prices across Nigeria are pushing toward N1,500 per litre, driven by rising global crude costs and repeated increases in Dangote Refinery’s ex-depot rates.
The refinery increased its petrol gantry price by 6.7 percent, from N1,265 to N1,350 per litre, effective September 12 marking its fourth hike since August 21 with total increase of about 16%. In Lagos, pump prices in Lagos now range from N1,400 and N1,430 per litre, while Abuja ranging from N1,400 to N1,450. Several states have reportedly seen prices touch N1,500.
The surge correlates with a rise in Brent crude, which climbed above $100 per barrel and hit $107 last week amid renewed Middle East conflict and tanker disruptions.
Experts warn prices could climb further if the crisis persists, with northern cities such as Kano, Kaduna and Jos where costs could reach 1600 due to added transport expenses. Diesel has also risen sharply, with inland prices projected as high as N2,400 per litre.
Businesses are feeling the strain: cement maker BUA reported a 6 percent jump in energy costs in H1 2026, while Nigerian manufacturers spent N1.34 trillion on alternative energy in 2025, up from N1.11 trillion the year before.
The Nigeria Labour Congress has urged the federal government to intervene through measures such as wage support, providing crude oil supplies to local refineries in naira, and expanding fuel storage capacity. They also suggested that subsidies could be reconsidered. Analysts note that whether prices stabilize or continue rising will largely depend on global crude oil trends and the strength of the naira.
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