Nigerians may soon face petrol prices above ₦1,000 per litre as the cost of importing Premium Motor Spirit (PMS) has skyrocketed to ₦885 per litre, marking an ₦88 increase within a week.
The Major Energy Marketers Association of Nigeria (MEMAN) confirmed the sharp rise in its daily energy bulletin released on Wednesday, March 26.
With the landing cost now at ₦885 per litre, petrol pump prices—currently ranging between ₦940 and ₦970 per litre—are expected to climb even higher in the coming days.
Even the Dangote Refinery, which has played a key role in stabilizing the local market, has adjusted its pricing structure. The refinery’s ex-depot price now stands at ₦815 per litre, leading to a retail price hike at MRS filling stations in Lagos and Abuja, where fuel now sells between ₦860 and ₦880 per litre.
Dangote Refinery to stop selling in naira
In a move that could further push prices up, the Dangote Refinery has announced that it will no longer sell petroleum products in naira.
This decision, experts warn, could introduce new cost pressures, making fuel even more expensive for Nigerians as transactions shift to foreign currency pricing.
Economic impact and concerns
With rising import costs and fluctuating market dynamics, both consumers and businesses are bracing for another round of fuel price hikes. The anticipated increase is expected to further strain household incomes and intensify inflationary pressures across the economy.
As Nigerians struggle with high living costs, the government’s next steps—whether in the form of policy interventions or subsidy discussions—will be critical in determining the trajectory of fuel prices in the coming weeks.
