Fuel Prices in Nigeria Surge Past N1,000 per Liter

As of March 9, 2026, fuel prices in Nigeria have exceeded N1,000 per liter, with Dangote Petroleum Refinery raising its ex-depot price for petrol to N1,175 per liter and diesel to N1,620 per liter. The refinery temporarily suspended loading of premium motor spirit (PMS) due to logistical challenges and ongoing supply constraints, receiving only five cargoes of crude oil instead of the required 13-14 for full capacity operations.

The Nigerian National Petroleum Company (NNPC) is engaging third-party international traders to supply crude oil to sustain local refining operations. Despite these efforts, officials caution that a reduction in fuel prices is unlikely as global crude benchmarks remain high, influenced by geopolitical tensions, including recent US-Israeli airstrikes in Iran.

Energy experts note that the surge in crude prices, which recently reached around $115 per barrel, directly impacts Nigeria's fuel prices, leading to increased transport and logistics costs for consumers and businesses.