Dangote Refinery Adjusts Wholesale Rates as Petrol Hits N1,330 and Diesel Soars to N1,800 in Lagos, Ogun

The immediate financial impact of petrol reaching N1,330 per litre is already cascading through the transport and logistics sectors. Commercial bus drivers operating interstate and intra-city routes in Lagos and Ogun have adjusted commuter fares upward by 25 to 40 percent, placing an additional financial burden on working-class households already struggling with squeezed real wages.

Moreover, the sharp spike in diesel pricing to N1,800 per litre poses a severe threat to manufacturing output and food security. Because Nigeria relies heavily on heavy-duty diesel trucks for nationwide agricultural distribution, increased haulage rates directly translate into inflated food prices at major urban markets like Mile 12 and Bodija.

Small and medium-sized enterprises (SMEs)—which rely heavily on diesel and gasoline generators to supplement national grid shortfalls—are experiencing acute operating cost inflation. Business owners in manufacturing, cold storage, and services warn that operational cutbacks and worker layoffs may become unavoidable if energy tariffs remain elevated.

Financial analysts emphasize that energy cost surges exert continuous pressure on the Naira, as elevated production expenses weaken local domestic manufacturing competitiveness while fanning consumer price index (CPI) inflation nationwide.