Nigerians Face Economic Strain as Fuel Prices Surge Again

Nigerians are bracing for a new wave of economic hardship as fuel prices surge once again, with Dangote Petroleum Refinery notifying customers of a 6.7% increase in the price of Premium Motor Spirit (PMS), commonly known as petrol. Effective September 12, 2026, the price will rise from N1,265 to N1,350 per litre, a development that analysts warn could further inflate the cost of living in the country.

The refinery's memo to its customers outlined the revised pricing structure and instructed those with current loading arrangements to return their Automated Truck Certificates (ATCs) for repricing, indicating an adjustment in supply logistics. This price hike comes on the heels of rising crude oil costs, with the latest Energy Bulletin reporting Brent crude averaging $98.74 per barrel and Bonny Light at $104.65.

As fuel marketers scramble to adjust their pricing strategies, industry experts anticipate that the increased acquisition costs will inevitably lead to higher pump prices across the nation. This situation poses significant challenges for average Nigerians, who are already grappling with the financial burden of inflation and escalated transportation costs.

“With the current trajectory of oil prices, the impact on the economy will be profound, affecting everything from transportation to food prices,” said an industry analyst.

The ripple effects of this increase are likely to be felt most acutely in Abuja and other northern cities, where the cost of supplying petroleum products is already strained by logistics challenges. As Nigerians prepare for the implications of this latest fuel price adjustment, the need for effective policy responses to mitigate economic strain becomes increasingly urgent.