Business
Workers’ Day: Nigerians Groan as Petrol Hits N1,440 Per Litre Amid Fresh Fuel Hike
Nigeria petrol price surge 2026 sees fuel selling up to N1,444 per litre as global crude oil price increases push up domestic pump prices nationwide
Petrol prices have surged sharply across Nigeria, with motorists now paying between N1,364 and N1,444 per litre at various filling stations as global crude oil volatility continues to ripple through the domestic market.
Also read: Nigeria Tops Global Petrol Price Surge at 39.5%
The Nigeria petrol price surge 2026 has been reflected across major fuel outlets, including the Nigerian National Petroleum Company Limited (NNPCL), MRS, BOVAS, Ardova (AP), and Mobil, which have adjusted pump prices to between N1,364 and N1,370 per litre.
Other marketers such as AA Rano, Emedab, Empire Energy, and Ranoil are reportedly selling at even higher rates, with prices reaching as much as N1,440 per litre in some locations.
The latest adjustment marks a steep rise from around N900 per litre recorded earlier in February 2026, placing further pressure on consumers already grappling with rising living costs.
The increase follows a fresh upward review of depot and gantry prices by Dangote Refinery and other depot operators, who attributed the adjustment to a surge in global crude oil benchmarks.
International oil prices have also climbed significantly, with Brent crude and West Texas Intermediate (WTI) reportedly trading above $100 per barrel amid heightened geopolitical tensions in the Middle East involving Iran, the United States, and Israel.
The situation has been further complicated by recent shifts within the Organisation of Petroleum Exporting Countries (OPEC), adding to uncertainty in the global energy market.
Speaking on the development, spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, noted that global price instability continues to exert pressure on domestic fuel pricing despite efforts to stabilise supply.
The sustained increase in petrol prices has sparked renewed concerns over inflationary pressure in Nigeria, with citizens calling for urgent policy measures to cushion the economic impact.
Also read: NMDPRA Licences Six Petrol Importers to Boost Stability
The development comes as workers marked International Workers’ Day, with the national minimum wage standing at N70,000 amid worsening cost-of-living conditions and rising transport expenses.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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