Petrol prices have surged to as high as ₦1,400 per litre in some parts of Nigeria, marking a fresh spike in the country’s deregulated fuel market and raising concerns over the rising cost of living.

Findings across several states show that Premium Motor Spirit (PMS) now sells between ₦1,300 and ₦1,400 per litre, depending on location and availability.

The increase is more pronounced in areas facing supply constraints, where transportation and logistics costs have further pushed up pump prices. The latest development follows recent upward adjustments in depot prices by marketers, amid rising global crude oil prices and exchange rate pressures.

Industry operators say the cost of importing fuel and distributing it across the country has significantly increased, forcing retailers to pass the burden onto consumers. The price hike has triggered immediate reactions across the country, with transport fares rising sharply as commercial drivers adjust to higher fuel costs.

Many small business owners, especially those dependent on petrol-powered generators, are also struggling to cope with increased operating expenses. In major cities, including Abuja and Lagos, long queues have been reported in some filling stations, while others have adjusted their pumps to reflect the new pricing reality.

Economic analysts warn that the continued rise in petrol prices could worsen inflation and further erode purchasing power, as the cost of goods and services is expected to climb in response to higher transportation and production expenses.

With petrol prices now approaching ₦1,500 per litre in some areas, stakeholders have called for urgent measures to stabilise the market, including improved local refining capacity and policies to cushion the impact on citizens.