Nigerians could soon encounter petrol prices exceeding ₦1,000 per litre, as the import cost of Premium Motor Spirit (PMS) has surged to ₦885 per litre, reflecting an ₦88 increase from the previous 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 hitting ₦885 per litre, the current petrol pump prices—ranging from ₦940 to ₦970 per litre—are anticipated to rise further in the upcoming days.

The Dangote Refinery, which has been crucial in stabilizing the local market, has revised its pricing approach. Its ex-depot price is currently set at ₦815 per litre, causing a retail price increase at MRS filling stations in Lagos and Abuja, where fuel is now priced 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.