It’s no secret that Nigerians are feeling the pinch at the pump these days, and the latest escalation in the Middle East is making things even tougher.
As of March 2026, fuel marketers across the country have pushed petrol prices above N1,000 per liter in many areas, driven by a price war and soaring global crude oil costs from the ongoing conflict involving Israel, the United States, and Iran.
If you’re filling up in Lagos or Abuja, you might already be paying N995 or more, and experts warn it could climb higher if the crisis drags on.
I remember when N500 felt expensive—now we’re looking at double that, and it’s hitting everyday folks hard.
The root of this mess is the Middle East tensions, which have sent Brent crude oil prices surging past $85 per barrel and heading toward $100.
For Nigeria, this is a double-edged sword. On one hand, higher crude prices mean more revenue for the government, with estimates of an extra $14.5 million daily in oil earnings.
But on the flip side, since we still import a lot of refined fuel, those costs get passed straight to consumers. Diesel has jumped to N1,300 per liter, and cooking gas is up to N1,200 per kilogram—that’s bad news for homes, factories, and transportation.
Energy experts are saying if crude hits $90, petrol could easily go beyond N1,072, and inflation will spike even more.
Dangote Refinery, our big hope for local production, has had to adjust prices multiple times this week, selling at N995 per liter.
“While fuel prices continue rising, other African countries are exploring new economic opportunities, such as Ghana legalizing cannabis farming for industrial and medicinal use.”
Independent marketers are following suit, and some stations are even shutting down temporarily because they can’t handle the volatility.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) is calling for stronger local refineries to stabilize things, but right now, we’re exposed to every twist in the global market.
If the Strait of Hormuz gets disrupted, we’re talking serious shortages and even higher costs.
“For regular Nigerians, this means higher transport fares, pricier food, and tougher budgets, building on previous petrol hikes to N1,000/liter as crude crossed $70 and growing public debt to N153.29 trillion.“
But there’s a silver lining—the government might use the extra oil money to shore up forex reserves or subsidize essentials. Still, with the post-subsidy era in full swing, we’re all feeling the heat.
“While fuel prices continue rising, the CBN is also tightening banking rules with new liveness checks and ₦20,000 caps for accounts.”
If you’re in Nigeria, how are these price hikes affecting you? Share in the comments – maybe we can swap tips on saving fuel. Let’s hope for some stability soon.