ABUJA/LAGOS – Nigerians are grappling with a fresh surge in petrol prices, as marketers have raised pump prices at a rate more than double the increase in the global cost of crude oil, further straining household budgets.
On Tuesday, January 28, 2026, petrol stations across the country increased their retail prices from an average of ₦750 to ₦850 per litre. While marketers cited a rise in international crude oil prices from $64 to $68 per barrel, analysis shows a disproportionate jump: crude increased by 6.2%, while the local pump price surged by 14.3%.
The price adjustment originated at the Dangote Refinery, which raised its gantry price from ₦699 to ₦799 per litre. In response, retail outlets implemented even higher increases. NNPC retail outlets raised prices to ₦835/litre, while some private marketers, like AYM Sharfa, hiked prices to as high as ₦900/litre.
Chief Chinedu Ukadike, National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), defended the move. “Crude oil price has increased. The refiners have also increased their price. Once your buying source increases, you will increase,” he stated, explaining that marketers must adjust to remain in business even with old stock.
The sharp and disproportionate rise exacerbates Nigeria’s cost-of-living crisis, adding pressure to transportation, food, and other essential costs for citizens already battling high inflation.
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Disclaimer: This report details market developments and statements from industry representatives. Fuel prices are subject to market forces and may vary across different locations and retail outlets.
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