Nigerians are in serious trouble as the premium motor spirit price rose to N1,400 per liter and Automotive Gas Oil (diesel) to N1,750 after Dangote Refinery hiked its gantry fuel price to N1,175 per liter for petrol and N1,620 per liter on Monday.
DAILY POST reports that while the fuel price keeps rising, President Bola Ahmed Tinubu has kept mum and done nothing to ameliorate the surge.
Presidency keeps mum
When DAILY POST reporter contacted presidential spokesperson, Sunday Dare for a response on the burgeoning fuel price, he did not reply as of the time of filing the report.
Checks by DAILY POST on Monday evening showed that Ranoil, Empire, and other filling stations in Abuja and environs have immediately raised their petrol and diesel prices to between N1,350 and N1,400 per liter, respectively.
Diesel price hits N1,750 per litre
For diesel, the price may have to go up as high as N1,750 per liter in filling stations in Abuja, up from around N1,365 per liter.
Meanwhile, MRS filling station sells fuel at N1,200 per litre.
A manager at an MRS filling station in Abuja, who preferred anonymity, told DAILY POST that its fuel price would rise to N1200 per liter from Tuesday 10th March, 2026, up from N1,092 per liter.
“From tomorrow (Tuesday) we will start selling fuel at N1200 per liter. We did not have petrol on Monday,” he told DAILY POST.
DAILY POST reports that the price of petrol has risen by N525 per liter at Nigerian National Petroleum Company Limited retail outlets and other filling stations before the Iran-United States-Israel war escalated on February 28, 2026.
This comes as Dangote Refinery hiked its gantry price by N376 per liter in the last ten days to N1,175 per liter as of Monday evening.
The refinery attributed the gantry price hike on Monday to global crude price volatility.
DAILY POST reports that Brent crude surged by 6.76 on a day-to-day basis to $98.86 per barrel, while West Texas Intermediate dropped to $88.11 per barrel after an indication emerged that United States President Donald hinted at a plan to end hostility with Iran.
Trump hints at possible end to War as WTI crude price drops
Speaking with CBN news, Trump said “I think the war is very complete, pretty much”, and said the US was “very far ahead of schedule”.
His comment has made WTI crude plunge below 90 per barrel on Monday, the first decline since the conflict in the Gulf region escalated, creating anxiety in the Strait of Hormuz waterway and shutting down refineries in Saudi Arabia and Qatar.
Effect of transport fare hike on Nigerians
Several transporters in Abuja confirmed to DAILY POST a transportation fare hike as a ripple effect of Dangote Refinery’s price adjustment to N1,175 and petrol retail price to a maximum of N1,400 per liter and diesel at N1,750 per liter.
Adamu Abubakar, a taxi driver plying the Deidei to Area 1 route, said he has raised his price to N1,500 per trip from N1,200.
“It is our passengers that would take the brunt of the fuel price hike,” he told DAILY POST.
Constance Onuoha, a passenger in Abuja, confirmed the transportation fare hike.
“The government needs to intervene to prevent the fare hike due to the fuel price increment from getting out of hand,” she said.
DAILY POST reports that the hikes may also impact manufacturers, as the diesel price hike may trigger a product price hike in the coming days.
Fuel, diesel, may hit N2,000 or N3,000 per liter — PETROAN
Speaking on the development, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the petrol and diesel prices may surge to N2,000 and N3,000 per liter if nothing was done.
He said, “We have a Naira-for-crude deal in place. However, the policy does not impact the crude oil price on the international crude oil market.
“The policy is only saving the dollar because the volatility of the currency is dependent on imports. Dangote has increased the petrol gantry price thrice due to the market realities.
“This is why we have urged the regulators to work towards a price stability programme without regulating price,” he told DAILY POST.
Petroleum Marketers speak, explain only benefit of Dangote Refinery to Nigerians
On his part, Chinedu Ukadike, spokesperson of the Independent Petroleum Marketers Association of Nigeria and the Nigerian Oil and Gas Suppliers Association (NOGASA), told DAILY POST exclusively that marketers would sell petrol at the price they bought from Dangote Refinery and depot owners.
“Well, we are independent marketers. Whatever we sell, we buy from Dangote Refinery and depot owners.
“The only benefit of Dangote Refinery is that there will be supply, no fuel scarcity.
“Instead of getting it at N1,200 per liter, you will be getting it at N1,800 per liter because the commodity would have been scarce,” he told DAILY POST.
