Nigerians are facing increasing economic pressure following another sharp rise in the price of Premium Motor Spirit (PMS), popularly known as petrol, which has climbed to about N1,400 per litre, while Automotive Gas Oil (diesel) is now selling for as high as N1,750 per litre.

The development comes after Dangote Refinery increased its gantry price to N1,175 per litre for petrol and N1,620 per litre for diesel on Monday.

Despite the growing concerns over the persistent increase in fuel prices, President Bola Ahmed Tinubu has yet to publicly respond or announce measures to cushion the impact on Nigerians.

Presidency Yet to Respond

Efforts to obtain a reaction from the presidency have not yielded any response so far.

Filling Stations Adjust Prices

Following the adjustment by Dangote Refinery, several filling stations in Abuja and its surrounding areas have quickly reviewed their pump prices upward.

Checks show that Ranoil, Empire, and other filling stations are now selling petrol between N1,350 and N1,400 per litre.

Diesel Price Climbs to N1,750/Litre

The cost of diesel has also risen sharply, with prices projected to reach N1,750 per litre at some filling stations in Abuja, up from about N1,365 per litre previously.

However, MRS filling stations are currently selling petrol at N1,200 per litre.

A manager at an MRS outlet in Abuja, who requested anonymity, said the station plans to raise its price to N1,200 per litre starting Tuesday, March 10, 2026, from the previous N1,092 per litre.

“From tomorrow we will begin selling petrol at N1,200 per litre. We did not have fuel available on Monday,” the manager said.

Petrol Price Has Risen by Over N500

The latest increase means petrol prices have climbed by about N525 per litre at Nigerian National Petroleum Company Limited (NNPC) retail outlets and other filling stations since tensions escalated between Iran, the United States, and Israel on February 28, 2026.

Within the last ten days, Dangote Refinery alone has raised its gantry price by N376 per litre, bringing it to the current N1,175 per litre.

The refinery attributed the increase to volatility in global crude oil prices.

Global Oil Market Volatility

International oil prices have also been fluctuating amid geopolitical tensions.

Brent crude rose by 6.76 percent to $98.86 per barrel, while West Texas Intermediate (WTI) dropped to $88.11 per barrel after signals emerged that the United States may seek to de-escalate tensions with Iran.

Trump Hints at Possible End to Conflict

Speaking with CBN News, United States President Donald Trump suggested the conflict could soon come to an end.

“I think the war is very complete, pretty much,” Trump said, adding that the U.S. was “very far ahead of schedule.”

His remarks contributed to the drop in WTI crude prices below $90 per barrel on Monday, marking the first decline since the conflict in the Gulf region intensified.

The conflict had earlier triggered anxiety around the Strait of Hormuz, while some refineries in Saudi Arabia and Qatar were forced to shut down.

Transport Fares Begin to Rise

The surge in fuel prices is already affecting transportation costs.

Several transport operators in Abuja confirmed that fares have increased following the adjustment in petrol and diesel prices.

A taxi driver, Adamu Abubakar, who operates along the Deidei–Area 1 route, said he had raised his fare from N1,200 to N1,500 per trip.

“It is the passengers that will bear the burden of the fuel price increase,” he said.

A commuter, Constance Onuoha, also confirmed that transport fares had already gone up.

“The government needs to step in before the situation gets out of hand,” she said.

Manufacturers May Also Be Affected

Analysts warn that rising diesel costs could significantly impact manufacturers who rely heavily on diesel-powered generators, potentially leading to further increases in the prices of goods and services.

Petrol Could Hit N2,000, Diesel N3,000 — PETROAN

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that petrol and diesel prices could climb even higher if urgent action is not taken.

The association’s National President, Billy Gillis-Harry, said the Naira-for-crude policy does not shield Nigeria from global crude price fluctuations.

“The policy only helps conserve foreign exchange, but it does not affect international crude oil prices,” he explained.

He added that Dangote Refinery had already increased its petrol gantry price three times due to prevailing market realities.

Gillis-Harry therefore called on regulators to develop a price stability framework without directly fixing fuel prices.

Marketers Speak on Dangote Refinery Impact

Meanwhile, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian Oil and Gas Suppliers Association (NOGASA), said marketers simply sell fuel at the price they purchase from refineries or depot owners.

According to him, the major benefit of Dangote Refinery is steady fuel supply, which helps prevent scarcity.

“The advantage is that there will always be supply. Without it, scarcity could push petrol prices to as high as N1,800 per litre,” he said.