The rising cost of Premium Motor Spirit (PMS), commonly known as petrol, is deepening economic pressure across Nigeria, with pump prices now approaching ₦1,400 per litre in many cities. The increase has pushed transport fares higher, raised business costs, and further reduced the purchasing power of households already facing financial strain.

Industry sources link the surge to rising global crude oil prices and a recent adjustment by the Dangote Refinery, which increased its gantry price from ₦1,175 to about ₦1,245 per litre. As a result, many fuel marketers have raised pump prices to between ₦1,310 and ₦1,400 per litre, depending on location and supply conditions.

Across major cities including Lagos, Abuja, Kano, and Port Harcourt, residents say the increase is affecting daily life. Transport operators report shrinking profits, while commuters and small businesses struggle with higher expenses, raising concerns about the growing cost-of-living crisis in the country.