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LAGOS, NIGERIA — By Prime Brief Media

Nigerian households and businesses are grappling with intensified economic pressure as petrol and diesel prices have surged dramatically over the past 50 days, compounding the inflationary burden on an already strained population.

Market surveys conducted across major cities indicate that the pump price of Premium Motor Spirit, commonly known as petrol, has risen from approximately ₦900 per litre to between ₦1,290 and ₦1,350 per litre. Diesel, a critical input for industrial production and transportation, now retails for between ₦1,600 and ₦1,800 per litre, up significantly from previous levels.

Economists who spoke to Prime Brief Media attribute the surge to the ongoing volatility in global crude oil markets triggered by the seven-week-old military confrontation involving the United States, Israel, and Iran. Bonny Light crude, Nigeria's benchmark grade, has averaged $116.84 per barrel during the conflict period, a 66.6 percent increase from the pre-war average of $70.14 per barrel.

"The transmission mechanism from global crude prices to domestic pump prices is now more direct due to the deregulation of the downstream petroleum sector," explained Dr. Muda Yusuf, an economist and policy analyst. "While deregulation eliminates subsidy burdens, it also exposes the domestic market fully to international price movements. Nigerians are feeling the full weight of global energy inflation."

The rising cost of fuel has triggered knock-on effects across multiple sectors. Transportation fares have increased by an average of 35 to 50 percent in many urban centres. Food prices, already elevated due to security challenges in food-producing regions and seasonal factors, have experienced additional upward pressure as logistics costs rise.

Small and medium-sized enterprises, particularly those reliant on diesel generators due to inadequate grid electricity supply, have reported severe operational strain. Some business owners who spoke to Prime Brief Media indicated they have been forced to reduce operating hours or pass costs to consumers, further fueling inflationary pressures.

The National Bureau of Statistics is yet to release inflation figures for April 2026. However, analysts project that the headline inflation rate, which stood at 31.2 percent in March, could climb further when the next data is published. Food inflation, currently above 38 percent, remains a particular concern for households already spending disproportionate shares of income on basic sustenance.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, called for targeted interventions to cushion the impact on vulnerable populations. "The government must accelerate the deployment of compressed natural gas infrastructure as an alternative to petrol and diesel. We also need urgent action to stabilise the foreign exchange market, as the naira's weakness amplifies the local currency cost of imported fuel," he stated.

Prime Brief Media continues to monitor price developments across the country and their impact on household welfare and business viability.