LAGOS — The prospect of petrol hitting the ₦1,000 per litre mark has become an imminent reality following a stern warning from the Dangote Petroleum Refinery regarding the astronomical costs of sea-based fuel distribution.
In a statement released on Thursday, February 5, 2026, the refinery management cautioned that a continued reliance on coastal logistics (moving fuel via ships to various ports) rather than more efficient pipeline or land-based systems could impose an additional ₦1.75 trillion annual burden on the Nigerian economy.
According to the refinery, the cost of hiring vessels and managing coastal transfers adds a staggering ₦75 per litre to the final price of petrol.
The news of a potential ₦1,000 petrol price has intensified fears of a final collapse of the Nigerian middle class.
Opposition figures have seized on the energy crisis to challenge the administration’s “Renewed Hope” narrative. PDP chieftain Gbenga Olawepo-Hashim recently slammed the President’s economic team as “treasury parasites,” arguing that the nation’s GDP has regressed while citizens are being crushed by “ill-sequenced” reforms.
Similarly, the African Democratic Congress (ADC) has linked the rising fuel costs to the ₦7.6 trillion NNPCL debt write-off, suggesting that while the state-owned oil giant’s debts are cleared, the Nigerian public is left to bear the full weight of global market volatility.
As of Friday morning, NNPCL retail stations in Lagos have adjusted their pump prices to ₦835 per litre, while independent marketers in the South-East and North-Central zones are already selling between ₦920 and ₦980 per litre.
With the Sowore-Wike feud and Malami terrorism trial dominating the headlines, the looming ₦1,000 petrol price is set to become the primary catalyst for the planned nationwide hunger protests scheduled for later this month.
Hey there! Exciting news - we've deactivated our website's comment provider to focus on more interactive channels! Join the conversation on our stories through Facebook, Twitter, and other social media pages, and let's chat, share, and connect in the best way possible!
In a statement released on Thursday, February 5, 2026, the refinery management cautioned that a continued reliance on coastal logistics (moving fuel via ships to various ports) rather than more efficient pipeline or land-based systems could impose an additional ₦1.75 trillion annual burden on the Nigerian economy.
According to the refinery, the cost of hiring vessels and managing coastal transfers adds a staggering ₦75 per litre to the final price of petrol.
The news of a potential ₦1,000 petrol price has intensified fears of a final collapse of the Nigerian middle class.
Opposition figures have seized on the energy crisis to challenge the administration’s “Renewed Hope” narrative. PDP chieftain Gbenga Olawepo-Hashim recently slammed the President’s economic team as “treasury parasites,” arguing that the nation’s GDP has regressed while citizens are being crushed by “ill-sequenced” reforms.
Similarly, the African Democratic Congress (ADC) has linked the rising fuel costs to the ₦7.6 trillion NNPCL debt write-off, suggesting that while the state-owned oil giant’s debts are cleared, the Nigerian public is left to bear the full weight of global market volatility.
As of Friday morning, NNPCL retail stations in Lagos have adjusted their pump prices to ₦835 per litre, while independent marketers in the South-East and North-Central zones are already selling between ₦920 and ₦980 per litre.
With the Sowore-Wike feud and Malami terrorism trial dominating the headlines, the looming ₦1,000 petrol price is set to become the primary catalyst for the planned nationwide hunger protests scheduled for later this month.
Hey there! Exciting news - we've deactivated our website's comment provider to focus on more interactive channels! Join the conversation on our stories through Facebook, Twitter, and other social media pages, and let's chat, share, and connect in the best way possible!