Fuel prices in Nigeria’s Federal Capital Territory have surged sharply, with Premium Motor Spirit (PMS), commonly known as petrol, now selling for as high as ₦1,330 per litre at several retail stations. This increase has put pressure on motorists, commercial transport operators, and households relying on petrol-powered generators.
The spike follows repeated increases in the ex-depot price by major suppliers, including Dangote Petroleum Refinery, whose latest gantry price is reported at ₦1,175 per litre. Industry sources note that this marks the third major adjustment within a week, driven by rising costs of procurement, logistics, and global crude oil volatility.
Under Nigeria’s deregulated downstream petroleum framework, pump prices are determined by market forces rather than direct government control. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has explained that fluctuations in supply, demand, foreign exchange rates, and international crude prices directly influence retail fuel costs. As a result, independent marketers across Abuja have adjusted their prices multiple times over recent days, leading to the current rate of ₦1,330 per litre in some stations.
The rising fuel cost is already impacting the economy:
- Transport fares: Commercial operators have increased fares to offset higher fuel costs.
- Household expenses: Nigerians relying on petrol generators face higher energy bills.
- Goods and services: Production and logistics costs are increasing, raising the risk of further inflationary pressure.
Economists warn that if global crude oil prices remain high and local refining capacity does not expand, petrol prices in Nigeria may continue to rise, further affecting the cost of living. Consumers are advised to expect ongoing fluctuations at retail stations as market prices continue to respond to global and domestic supply conditions.
