Nigerians Struggle as Petrol Prices Soar to ₦1,400 per Litre Amid Global Oil Tension

The persistent climb in the cost of Premium Motor Spirit (PMS), commonly referred to as fuel or petrol, has pushed the Nigerian economy into a deeper state of distress. 

With prices now hitting a staggering ₦1,400 per litre in several regions, the average citizen is facing a severe cost-of-living crisis. 

This latest surge is not just a number at the pump; it is directly causing transport fares to skyrocket, forcing small business owners to raise prices, and drastically reducing the disposable income of families nationwide.

The root of this recent fuel price hike lies in two major factors: a sharp rally in global crude oil prices—which peaked near $120 per barrel due to Middle East tensions—and a significant Dangote refinery price adjustment. 

As the refinery increased its gantry rates, independent marketers were forced to revise their pump prices to stay profitable. 

For the average commuter or commercial driver, this means daily fuel expenses have effectively doubled, leading many to consider carpooling or abandoning their personal vehicles entirely to survive the economic hardship.