By Ogungbayi Adeyemi S. | adeyemi@ddnewsonline.com
Editor, DDNews |
Nigerians may face higher transport fares and food prices following Dangote Petroleum Refinery’s latest increase in the price of Premium Motor Spirit (PMS), popularly known as petrol.
The refinery raised its petrol gantry price from ₦1,265 to ₦1,350 per litre, representing an ₦85 increase, with the new price taking effect on Saturday, September 12, 2026. The latest adjustment is the fourth increase by the refinery since August 21, bringing the total rise in its petrol price to ₦185 per litre, or about 15.9 per cent, in 22 days.
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The increase has already begun to affect pump prices in some parts of the country, as filling stations adjust their prices to reflect the higher cost of obtaining petrol. Reports showed that some stations in Lagos and nearby areas were selling petrol at between ₦1,360 and ₦1,395 per litre, although prices varied from one station to another.
The higher petrol price is expected to increase operating costs for transport operators, particularly commercial buses, taxis and other vehicles that depend heavily on petrol. Transport operators may respond by increasing fares as they try to cover the additional cost of fuel.
The development could also put further pressure on food prices because petrol is widely used in the transportation of farm produce and other goods from rural areas to major markets. Higher transportation costs could therefore increase the cost of moving food and other essential products across the country.
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The latest increase comes amid a rise in international crude oil prices, with Brent crude recently trading above $100 per barrel. Supply concerns linked to disruptions around the Strait of Hormuz have also placed pressure on global crude and refined petroleum product prices.
The repeated increases have raised concerns about their effect on the cost of living, as households and businesses already face high operating expenses. Higher fuel costs could affect other areas of the economy, including logistics, manufacturing and small businesses that rely on petrol-powered generators.
The development also comes as Dangote Petroleum Refinery begins its Initial Public Offering (IPO) on the Nigerian Exchange. The refinery is offering 4.1 billion shares at ₦525 each, with the offer running from September 14 to October 13, 2026.
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With petrol prices continuing to respond to movements in the global oil market, consumers and businesses are likely to remain under pressure as they adjust to the rising cost of transportation and other daily activities.
By Onabanjo Boluwatife Ifeoluwa
boluwatifeonabanjo3@gmail.com