Petrol hits N1,400 per litre, transporters hike fares as deregulation bites harder

Petrol prices have climbed to as high as N1,400 per litre in parts of Nigeria, forcing a fresh round of transport fare increases across multiple routes. Commuters on the Maiduguri-Kano route are now paying N25,000, up from N20,000, after the latest price surge.

Fares rise 20-40% on many routes

Industry experts warned that further increases remain possible as long as global crude oil prices stay elevated. Brent crude crossed the $100 per barrel mark amid renewed tensions in the Middle East, and local marketers responded by raising prices at the ex-depot level. Dangote Refinery adjusted its own ex-depot price to N1,215 per litre after returning to naira-denominated sales.

Commuters in several states are now paying between 20% and 40% more on many routes. In Abuja, residents said the higher fares are cutting deeper into their monthly income. Commercial drivers said the constant shift in fuel costs leaves them with little choice but to pass the burden to passengers.

North-east hit hardest, other cities brace

DailyTrust reports that the impact has been particularly sharp in the north-east. The fare from Maiduguri to Kano has jumped from N20,000 to N25,000 since the latest price hike took effect. Independent filling stations in Maiduguri are currently selling petrol at between N1,370 and N1,390 per litre.

In cities like Ibadan and Kano, fares have held steady for now, though transport operators warned they will be compelled to revise prices if pump costs continue rising. In Kaduna, petrol is selling for around N1,350 per litre. Residents in Adamawa are paying between N1,310 and N1,370 per litre, depending on the filling station. In Ilorin, marketers have added between N35 and N85 per litre to their previous pump prices.

Deregulation drives price variation

Industry experts said this variation is a direct consequence of deregulation, which ties local petrol prices to both international crude oil benchmarks and the naira exchange rate. They cautioned that further price increases remain likely if global oil markets stay under pressure.

Earlier, the Nigerian National Petroleum Company (NNPC) Limited pushed up the pump price of petrol at its filling stations in Lagos and Abuja. NNPC outlets in Lagos are now selling petrol at N1,300 per litre, up from N1,118, a jump of N182. The timing of the increase is closely tied to an ongoing supply disruption at Dangote Petroleum Refinery, which has halted petrol loading for five consecutive days.

For Nigerian consumers, the latest hike means household budgets face a double squeeze: higher transport costs and more expensive fuel for generators and private vehicles. With deregulation now fully in effect, any further rise in global crude prices or naira depreciation will likely translate directly into higher pump prices and even steeper transport fares.