Petrol prices in Nigeria have experienced significant volatility throughout March 2026, primarily driven by escalating geopolitical tensions in the Middle East.
As of March 24, 2026, retail prices have surged across the country following multiple price hikes by the Dangote Refinery.
Current Petrol Price Estimates (March 24, 2026)
Prices vary by location and the type of retail outlet (NNPC vs. Independent Marketers).
| Region / City | NNPC Retail Price | Independent Marketers |
| Lagos & Environs | ~N1,330 / litre | N1,332 – N1,350 / litre |
| Abuja (FCT) | ~N1,361 / litre | N1,370 – N1,450 / litre |
| South West (Oyo/Ogun) | ~N1,330 / litre | N1,340 – N1,380 / litre |
| North (Kaduna/Kano) | ~N1,372 / litre | N1,400 – N1,480 / litre |
| South South / South East | ~N1,365 / litre | N1,380 – N1,450 / litre |
Key Market Drivers in March 2026
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Dangote Refinery Hikes: The Dangote Petroleum Refinery has adjusted its gantry (ex-depot) price five times in March alone. The price rose from N774 at the start of the month to N1,275 per litre by March 21.
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Global Crude Volatility: Brent crude prices surged above $110 per barrel due to the US-Israel-Iran conflict, directly impacting landing costs in Nigeria’s now-deregulated market.
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Market Competition: While many stations have increased prices, some independent stations (like Ranoil and Empire Energy) recently made slight downward adjustments to roughly N1,370–N1,383 to remain competitive against NNPC’s slightly lower rates.
Economic Impact
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Transportation: Fares in major cities like Abuja and Lagos have seen increases of 50% to 100% over the last three weeks.
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Inflation Fears: The Organised Private Sector (OPS) and the NLC have raised alarms that these prices could push the cost of living to unsustainable levels, with some analysts predicting prices could approach N2,000 if global tensions do not ease.
Note: Because the market is deregulated, prices can change daily. You may find slight variations even between stations on the same street.
