This year’s Workers’ Day in Nigeria was overshadowed by escalating economic pressures, as petrol prices soared nationwide, reaching as high as N1,440 per litre.
According to Lagos Reporters, A market analysis conducted on Thursday indicated that major fuel retailers, including the Nigerian National Petroleum Company Limited, MRS, BOVAS, Ardova (AP), and Mobil, have adjusted their prices to between N1,364 and N1,370 per litre.
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Other companies such as AA Rano, Emedab, Empire Energy, and Ranoil are charging even more, with prices ranging from N1,370 to N1,440 per litre.
This latest surge marks a significant increase from the roughly N900 per litre recorded in February 2026, highlighting the rapid rise in fuel prices over a short period.
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Reports from the industry suggest that the price hike was prompted by recent increases from the Dangote Refinery and depot owners, who raised their prices to N1,275 and N1,320 per litre, respectively. This adjustment is tied to climbing global crude oil prices.
In international markets, benchmark crude prices have risen sharply, with Brent crude reaching $111 per barrel and West Texas Intermediate (WTI) at $105 per barrel. This increase has been influenced by ongoing geopolitical conflicts involving Iran, the U.S., and Israel, as well as the United Arab Emirates’ exit from OPEC, which adds to the oil market’s volatility.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, commented on the situation, noting that global price fluctuations continue to affect Nigeria’s domestic fuel landscape. While local refining has provided some relief, he emphasized that changes in international crude prices remain a significant contributor to rising pump prices.
The escalating cost of petrol is heightening concerns among Nigerians who are already confronting a high cost of living. With the minimum wage set at N70,000, many workers lament that the ongoing rise in fuel prices nearing N1,500 per litre has exacerbated economic struggles.
As the nation observes Workers’ Day, the recent price spike has reignited demands for immediate government action to stabilize fuel prices and alleviate the financial burden on citizens.
