Cost of Living Spikes as Petrol Prices Push Toward ₦1,500 Per Litre Amid Fresh Market Adjustments

Nigerian households and businesses are facing a deepening cost-of-living crisis as pump prices for Premium Motor Spirit (PMS), commonly known as petrol, climb toward ₦1,500 per litre across various parts of the country.

The latest wave of financial pressure follows an upward review by the Dangote Petroleum Refinery, which adjusted its gantry price to ₦1,350 per litre. Energy analysts note that this adjustment compounded by transportation logistics, distribution overheads, and marketers’ margins has pushed final retail pump prices to between ₦1,380 and ₦1,500+ per litre, with remote inland cities experiencing even higher spikes.

The fresh energy pricing is closely tied to external pressures, including rising international crude oil benchmarks driven by global supply disruptions. Because domestic pricing is directly linked to market realities following the total removal of fuel subsidies, ordinary citizens feel the shock almost immediately at filling stations.

The ripple effects have been swift and unsparing. Commercial transport operators, logistics firms, and small and medium enterprises report that mounting fuel costs have made business operations increasingly unsustainable. Predictably, transport fares have risen sharply, directly feeding into the prices of food items and basic consumer goods that dominate household budgets.

As purchasing power continues to take a severe beating, economic experts and labor stakeholders are urging the government to explore sustainable, targeted relief frameworks such as expanding compressed natural gas (CNG) transit alternatives and cushioning transportation networks to ease the relentless pressure on ordinary Nigerians.