Nigerians may soon be forced to pay over ₦1,000 per litre for petrol again following a surge in the cost of importing Premium Motor Spirit (PMS) also known as petrol to ₦885 per litre.
Grassroots Parrot reports that this is an increase of ₦88 within just one week.
The Major Energy Marketers Association of Nigeria (MEMAN) confirmed this sharp rise in its daily energy bulletin released on Wednesday, March 26.
With the new landing cost at ₦885 per litre, fuel pump prices—currently between ₦940 and ₦970 per litre—are projected to increase further in the coming days.
Adding to the situation, the Dangote Refinery, a major supplier in the local market, has adjusted its pricing structure.
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The refinery’s 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 fuel market, Dangote Refinery has announced that it will no longer sell petroleum products in naira.
Industry experts warn that this move could introduce additional cost pressures, potentially driving fuel prices even higher.
With import costs soaring and market dynamics shifting, both businesses and consumers are bracing for another wave of fuel price hikes, worsening the economic strain already affecting millions of Nigerians.