Figures cited by The Punch show that the retail price of Premium Motor Spirit (PMS) has surged to a staggering N1,332 per litre following the fifth price adjustment by the Dangote Refinery in March alone. This latest hike has triggered widespread concern across the country as transportation costs continue to spiral, impacting the prices of essential goods.
Despite the refinery’s capacity to meet local demand, global oil price volatility linked to escalating tensions in the Middle East has forced a series of rapid upward adjustments. The Federal Government has maintained that market forces are now the primary driver of pricing in the deregulated downstream sector.
Daily Post reported that the hike has led to “long queues and renewed hardship for commuters,” while Vanguard quoted an energy analyst stating, “The lack of a price cushion makes the Nigerian consumer vulnerable to every flicker of global instability.”
Echotitbits take: The rapid-fire price hikes are testing the limits of public patience. The government’s move to accelerate the deployment of CNG buses is a critical mitigation strategy to watch over the next few weeks.
Source: Legit.ng – https://www.legit.ng/business-economy/energy/1702164-nigeria-ranks-second-globally-petrol-price-surge-dangote-adjustments/, March 22, 2026
Photo credit: Legit.ng
