RismadarVoice Reporters
March 24, 2026
The Organized Private Sector (OPS) and the Nigeria Labour Congress (NLC) have called for urgent government intervention following a sharp rise in petrol prices to nearly N1,400 per litre in parts of the country.
The surge comes after successive price hikes by the Dangote Petroleum Refinery, which recently increased its ex-depot price to about N1,275 per litre—its fifth adjustment in March.
Across the country, pump prices have risen from about N1,240 to between N1,340 and N1,400 per litre, with higher rates reported in northern states. Analysts warn that prices could climb to between N1,500 and N2,000 if global tensions persist.
The latest increase has been linked to the ongoing Middle East crisis, which has driven up global oil prices and impacted domestic fuel costs.
From an average of N839 before February 28, petrol prices have surged by about N500 within weeks, worsening concerns over inflation and the cost of living.
Labour Raises Monopoly Concerns:
The NLC blamed the rising costs on what it described as monopolistic tendencies in the downstream petroleum sector.
NLC Assistant Secretary-General, Onyeka Chris, said Nigerians were “reaping the consequences of adopting a monopolist,” arguing that dominant players now largely determine fuel prices.
“A monopoly commands the market. The seller determines the price,” he said, warning that workers and ordinary citizens are bearing the brunt.
Acting NLC Secretary-General, Benson Upah, noted that while global oil shocks are not new, Nigeria’s vulnerability has been worsened by weak domestic buffers, including the absence of strategic petroleum reserves.
He called for temporary subsidies at the source and urged the Federal Government to supply crude oil in naira to domestic refineries to stabilise prices.
Upah also warned of a potential inflation spiral and its broader economic and social consequences if urgent steps are not taken.
OPS Seeks Tax Relief, Structural Reforms
The private sector also expressed concern over the impact of rising fuel costs on businesses.
President of the Lagos Chamber of Commerce and Industry, Leye Kupoluyi, attributed high pump prices partly to multiple taxes imposed on refiners, urging the government to review the fiscal regime.
“Those taxes ultimately translate to higher prices for consumers,” he said.
The Nigerian Employers’ Consultative Association (NECA) warned that continued increases could lead to business closures, job losses, and a deeper cost-of-living crisis.
Its Director-General, Adewale Oyerinde, described the situation as Nigeria’s “oil paradox,” where rising crude prices boost government revenue but worsen domestic energy costs.
“Once fuel prices rise, the effects are immediate; transport costs increase, food prices go up, and the cost of doing business escalates,” he said.
He urged the government to provide short-term relief while accelerating long-term energy reforms, including a transition to cleaner energy sources.
Regulator, Marketers Reject Price Cap:
Meanwhile, regulators and marketers have ruled out price controls, insisting that Nigeria’s deregulated petroleum sector does not support price capping.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said imposing limits on fuel prices would amount to reintroducing regulation.
“This is strictly within the purview of the government,” the agency noted.
Similarly, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said marketers would continue to sell fuel based on prevailing market prices.
Oil Prices Dip Slightly:
In a possible relief, global oil prices dropped to about $98 per barrel on Monday from $112 a day earlier, raising hopes of a potential reduction in pump prices if the trend is sustained.
The dip followed signals of easing tensions in the Middle East after the United States indicated a delay in planned military action against Iran.
However, stakeholders insist that without decisive government action, Nigerians may continue to face rising energy costs and economic hardship.
