Petrol now sells for up to ₦1,532 per litre, while cooking gas has risen to ₦1,800 per kilogram. Diesel and kerosene prices have also increased significantly, with diesel ranging from ₦1,200 to ₦1,700 per litre and kerosene reaching ₦2,976 per litre in some locations.
Food prices will keep rising
One of the first areas where Nigerians may feel the impact is the cost of food. Farm produce often travels hundreds of kilometres before reaching markets in major cities. With transport costs expected to increase, traders may pass additional expenses on to consumers. Staple foods such as rice, beans, tomatoes, onions, garri, and yams could become more expensive in the coming weeks if transport and logistics costs continue to rise.
Transportation may become more expensive
Commercial transport operators depend heavily on petrol and diesel. As fuel prices increase, transport unions and drivers often adjust fares to offset their operating costs. This affects commuters who rely on buses, tricycles, motorcycles, and ride-hailing services for daily movement. For workers and students who commute every day, even a small increase in transport fares can significantly affect monthly expenses.
Cooking gas is becoming a luxury for some households
Cooking gas was once promoted as a cleaner and more affordable alternative to kerosene and firewood. However, with gas now selling for as much as ₦1,800 per kilogram in some areas, many households may find it increasingly difficult to refill their cylinders. Some families may be forced to reduce usage, switch back to kerosene, or seek cheaper alternatives despite the health and environmental concerns.
Small businesses face tougher times
The latest energy price increases are also bad news for small and medium-sized enterprises. From restaurants and bakeries to hair salons, frozen food vendors, and welding workshops, many businesses depend on fuel-powered generators because of unreliable electricity supply. Higher diesel and petrol prices mean higher operating costs, which may eventually be passed on to customers through increased prices. Businesses that cannot absorb these costs may see reduced profits or struggle to stay afloat.
Electricity challenges could add to the pressure
Nigeria’s power sector has faced longstanding issues including unstable electricity supply, grid collapses, and funding gaps. Many Nigerians already rely on generators to supplement the unstable power supply. With petrol and diesel prices remaining high, the cost of running generators continues to increase. This means households and businesses may spend more to keep lights on, power appliances, and maintain daily operations.
Nigerians’ stress level stays elevated
The latest energy prices come at a time when many Nigerians are already dealing with rising food prices, increasing rent, school fees, healthcare costs, and other household expenses. Every new increase in fuel-related costs raises concerns about how much more consumers can afford. Many fear that higher energy prices could trigger another round of inflation, affecting everything from transportation and food to services and consumer goods.
What happens next?
Whether prices stabilise or continue to rise will depend on several factors, including global oil market trends, exchange rate movements, distribution costs, and domestic supply conditions. For now, millions of Nigerians are bracing for the ripple effects of yet another increase in the cost of energy. As petrol approaches ₦1,532 per litre and cooking gas reaches ₦1,800 per kilogram, the cost of everyday living in Nigeria continues to climb.
