Rising petrol prices across Nigeria have intensified economic pressure on citizens, with the pump price of Premium Motor Spirit (PMS) approaching N1,400 per litre in several parts of the country.

The latest surge, largely driven by global crude oil price increases, has triggered widespread concern among transporters, commuters and business owners, as the cost of living continues to soar.

Last week, crude oil prices climbed to nearly $120 per barrel before easing slightly to about $112, amid ongoing tensions in the Middle East. In response, Dangote Refinery adjusted its gantry price from N1,175 to N1,245 per litre, prompting marketers to raise pump prices nationwide.

Across major cities, petrol now sells between N1,310 and N1,400 per litre, depending on location and supply conditions. In Lagos, prices hovered between N1,320 and N1,330 over the weekend, with some filling stations briefly selling as high as N1,380.

At outlets operated by Nigerian National Petroleum Company Limited, pump prices were revised upward multiple times within days, reflecting ongoing volatility in the downstream sector.

Commercial drivers say the sharp increase is eroding their earnings. A driver operating along the Ogba–Ikeja route lamented that his daily fuel expenses have doubled while passenger turnout has declined significantly.

Similarly, operators in northern Nigeria are grappling with rising costs. In Kano, petrol prices climbed as high as N1,390 per litre, forcing transporters to increase fares. Residents have raised concerns over what they describe as exploitative pricing, with some trips costing up to four times their usual rates.

In the Federal Capital Territory, Abuja, pump prices now range between N1,361 and N1,370 per litre, following a new pricing template issued by MRS Oil Nigeria Plc. The development has further heightened anxiety among residents already burdened by high living costs.

A similar trend is evident in Ilorin, Kwara State, where petrol sells between N1,295 and N1,343 per litre. Residents say the persistent increases are stretching household budgets, forcing many to reconsider daily transportation choices.

Businesses are also feeling the strain. Traders report rising operational costs, with some already passing the burden to consumers through increased prices of goods and services.

In the South-South region, particularly in Port Harcourt and Yenagoa, petrol sells for between N1,300 and N1,400 at official stations, while black market prices have surged to as high as N1,800 per litre.

The widening gap between official and informal market rates has worsened the situation for residents, with transport fares in some areas doubling. Commuters report that intra-city fares have risen sharply, while inter-state travel costs continue to climb.

As fuel prices rise, many Nigerians fear further economic strain, with concerns mounting over the sustainability of livelihoods and the broader impact on the nation’s economy.