Fuel price in Nigeria has surged again today as petrol is now selling for around N1,400 per litre across the country, with some filling stations in northern states selling as high as N1,500 per litre. Diesel price has also crossed N2,000 per litre in many locations.
The fresh increase comes amid rising global crude oil prices linked to Middle East tensions and high landing costs. Despite Dangote Refinery operating at about 700,000 barrels per day capacity, domestic prices are still affected by international market movements.
New Fuel Price Today In Nigeria
Findings across major cities show a sharp increase from last week. Most major marketers now sell between N1,380 and N1,420 per litre, while NNPC stations have long queues. Independent marketers are selling at N1,400 to N1,450 per litre in many cities, with some northern locations reaching N1,500. Black market is selling higher.
“We bought at N1,450 this morning. Last week it was N1,300. Transport fare has already increased,” a commercial driver told M2NICE.
Diesel price has also jumped to N1,950 to N2,100 per litre depending on location, which is affecting transportation costs and prices of goods in markets across Nigeria.
Why Fuel Price Is Increasing Again
The latest hike is linked to increase in international crude prices, high exchange rate for importers, and logistics costs. Reuters reports that while Nigeria's headline inflation eased slightly to 15.39% in August, higher fuel and transport costs may push inflation up again in September. Marketers say they are still adjusting prices based on landing costs and refinery supply.
Transport fares have already increased by N100 to N200 on short routes, while interstate transport has increased by 15 to 20 percent.
What Nigerians Should Expect Next
Energy analysts expect prices to remain high in the coming weeks unless global crude prices drop or more refined products from Dangote Refinery enter the market at lower rates. The Federal Government is yet to announce any new intervention on transport fares or subsidy support.
M2NICE Analysis: This fuel hike will hit ordinary Nigerians hard, especially daily commuters, small business owners using generators and tricycle riders. With inflation still high, households should budget more for transport and food items this week as market prices may also increase.
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