Petrol price hike looms as landing cost hits ₦885/litre

Segun Adeyemi 07:20 - 27 March 2025

People queue to buy fuel at a petrol station in Lagos, southwest Nigeria. [Getty Images]

This decision, experts warn, could introduce new cost pressures, making fuel even more expensive for Nigerians.

Nigerians may soon pay over ₦1,000 per litre for petrol as the cost of importing Premium Motor Spirit (PMS) has surged to ₦885 per litre, marking an ₦88 increase within a week.

The Major Energy Marketers Association of Nigeria (MEMAN) confirmed the sharp rise in its daily energy bulletin released on Wednesday, March 26.

With the landing cost now at ₦885 per litre, pump prices at filling stations—currently between ₦940 and ₦970 per litre—are expected to climb even higher.

The Dangote Refinery, which has been a key supplier in the local market, has also adjusted its pricing structure.

Its ex-depot price now stands at ₦815 per litre, pushing retail prices at MRS filling stations in Lagos and Abuja to between ₦860 and ₦880 per litre.

Further complicating the situation, Dangote Refinery recently announced it will no longer sell petroleum products in naira.

This decision, experts warn, could introduce new cost pressures, making fuel even more expensive for Nigerians.

With rising import costs and shifting market dynamics, consumers and businesses alike are bracing for another round of fuel price hikes, adding to economic pressures already felt across the country.