Petrol Prices Continue to Soar in Nigeria
The cost of petrol in Nigeria has been on the rise, causing concern among citizens. Nollywood actor Wale Akorede, popularly known as Okunnu, has spoken out about the issue. In a video shared on Instagram, Okunnu highlighted the sharp increase in petrol prices over a single day. Petrol prices jumped from ₦1,240 per litre on March 21 to ₦1,340 per litre the following day.
Okunnu questioned why fuel remains expensive in a country that produces its own crude oil. He also expressed concerns about the impact on ordinary citizens, particularly low-income earners and workers. Okunnu noted that bikemen, who already face challenges in affording basic needs, will be disproportionately affected by the price hike.
The Dangote Petroleum Refinery has been at the centre of the petrol price increases, raising its gantry price five times in March 2026. The ex-depot price of Premium Motor Spirit has reached ₦1,275 per litre.
The sharp increase in petrol prices is a stark reminder of the disconnect between Nigeria's oil wealth and the struggles of its citizens. The Dangote Petroleum Refinery's repeated price hikes this month are particularly concerning, as they disproportionately affect low-income earners and workers. While Nigeria produces its own crude oil, the country's fuel prices remain among the highest in the world. This is a clear case of a policy failure that needs to be addressed urgently. The government must take concrete steps to reduce the cost of petrol and ensure that its citizens can afford basic needs.
