.jpg "Publication Team")
ABUJA – The cost of living for Nigerians has taken another sharp hit as the Nigerian National Petroleum Company Limited (NNPCL) and major independent marketers adjusted their pump prices upward on Monday, March 23, 2026.
The New Pricing Reality
Checks in Abuja and surrounding areas reveal that NNPCL retail outlets have increased the price of Premium Motor Spirit (PMS) to N1,367 per liter, up from the previous N1,261. This N106 increase effectively pushes the domestic pump price above the $1 per liter mark, based on current Central Bank of Nigeria (CBN) exchange rates.
Other independent stations, including those backed by MRS, have seen prices surge even higher, with some outlets retailing at N1,440 per liter.
The "Dangote Effect" and Global Crude Surge
This latest hike follows the fourth price increase from the Dangote Refinery in just one week. The refinery adjusted its wholesale price to N1,245 per liter on Friday, citing the relentless rise in global crude oil prices.
International benchmark crude has skyrocketed to over $110 per barrel. This surge is largely attributed to the deepening Middle East conflict, specifically the recent 48-hour ultimatum issued by the U.S. regarding the strategic Strait of Hormuz.
Impact on the Nigerian Consumer
The crossing of the $1-per-liter threshold is a significant psychological and economic milestone. With the Naira trading at approximately N1,353.90 at the official window, the synergy between high global energy costs and currency fluctuations continues to put immense pressure on local transport and food prices.
Key Takeaways for Information Hub Readers:
- New Price: N1,367 at NNPCL; up to N1,440 at independent stations.
- The Cause: Dangote Refinery's wholesale hike triggered by $110+ per barrel global crude prices.
- The Global Connection: Supply chain fears in the Middle East are directly driving these local increases.
