Nigerians are bracing for a severe wave of economic hardship as fresh increases in the prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel) threaten to trigger a cascade of rising operational costs across transport, manufacturing, and food logistics nationwide.
​The latest economic shockwaves follow a official price adjustment by the Dangote Petroleum Refinery in Lekki, Lagos, which raised its petrol gantry price by 6.7 percent, moving from ₦1,265 to ₦1,350 per litre effective Saturday, September 12, 2026.
The move marks the refinery’s fourth petrol price adjustment within three weeks, accumulating a 15.9 percent total increase since late August. Meanwhile, the coastal delivery price moved to ₦1.78 million per metric tonne. Diesel prices similarly saw upward adjustments, climbing past ₦1,850 per litre at gantry terminals.
​Market monitoring in Lagos, Abuja, and surrounding urban centers on Sunday morning revealed immediate ripple effects at retail outlets. Pump prices ranged between ₦1,360 and ₦1,395 per litre across major and independent filling stations.
​Speaking on the developments during an industry briefing in Abuja on Sunday, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), noted that retail prices must reflect rising acquisition costs.
​”Marketers cannot continue to sell below the replacement cost,” Ukadike stated. “With the latest circular issued by the Dangote Refinery’s Commercial Operations unit directing buyers to return existing Automated Truck Certificates for repricing, filling stations have no operational choice but to adjust pump prices upwards to maintain supply liquidity.”
​The price hikes stem from worsening international crude oil market volatility. Global supply bottlenecks, exacerbated by ongoing regional conflicts in the Middle East and shipping disruptions through the Strait of Hormuz, pushed Brent crude prices above $104 per barrel on Friday.
​Expressing deep concern over the macroeconomic impact during an economic forum in Gwarinpa, Abuja, development expert Dr. Aliyu Ilias warned that the cost-of-living crisis will worsen rapidly without swift fiscal interventions.
​”This is a major economic crisis for Nigerian households and small businesses,” Dr. Ilias said. “Because the transport sector and small-scale manufacturing rely entirely on PMS and diesel, every incremental rise in fuel costs translates immediately into higher food prices, inflated logistics bills, and diminished purchasing power for citizens.”
​With marketers warning that pump prices could cross ₦1,400 per litre in the coming days, citizens and commercial transport unions continue to call on the Federal Government to deploy targeted stabilization mechanisms to cushion the impact on the public.
