Cost of Living Crisis Deepens as Fuel Prices Hit Record Highs

Nigerians are facing fresh pressure on household budgets after petrol prices climbed to as high as N1,400–N1,450 per litre following the latest increase by Dangote Petroleum Refinery.

The refinery raised its petrol gantry price by N85 to N1,350 per litre, effective September 12. The move marks the fourth upward adjustment since August 21, taking the cumulative rise to N185 (about 15.9 per cent) in just over three weeks.

Filling stations quickly passed on the higher costs. In Lagos, pump prices moved to between N1,390 and N1,430 per litre at many outlets, while in Abuja motorists reported paying N1,400–N1,450. NNPC stations and independent marketers also adjusted rates upward.

The increase has been linked to elevated global crude oil prices, with Brent crude trading above $100 a barrel amid ongoing Middle East tensions and supply concerns around the Strait of Hormuz.

Transport operators in Lagos and Ogun have already begun raising fares, while manufacturers and traders warn of knock-on effects on food prices and operating costs. Households already strained by previous energy price adjustments now face another round of higher living expenses.

Analysts and business groups have called for targeted relief measures for vulnerable groups rather than a return to blanket fuel subsidies, arguing that the post-subsidy pricing regime must remain sustainable even as domestic refining expands.