In an update published by The Punch, Nigerians are expressing deep frustration following another increase in the price of petrol from the Dangote Refinery, which has pushed the cost to ₦995 per litre at the gantry. This move has caused retail pump prices to surge past ₦1,000 in several states, further straining the disposable income of citizens.
The price hike is attributed to the withdrawal of certain subsidies and the fluctuating cost of crude oil. Transporters have already begun increasing fares, leading to a ripple effect on the price of food and basic services. Many Nigerians had hoped that local refining would lead to a significant drop in fuel costs, but the reality has proven different.
Tribune reported on the “groans” of citizens, noting that “the cost of living has become unbearable for the average family.” ThisDay also covered the economic fallout, quoting a local distributor who said, “we are now selling at a loss just to move stock.”
Echotitbits take: The fuel price benchmark of ₦1,000 is a psychological and economic threshold. This development could spark civil society protests or labor union action if the government doesn’t intervene with a more robust palliatives framework.
Source: The Punch – https://punchng.com/petrol-may-hit-n1000-litre-as-dangote-hikes-price/, March 8, 2026
Photo credit: The Punch
