Nigeria’s Businesses Warn of Rising Costs as Petrol Surges Above ₦1,300

Businesses across Nigeria are warning that the steep increase in petrol prices — with pump rates climbing above ₦1,300 per litre in many areas — is likely to push up operating costs and squeeze profit margins. Firms are preparing to adjust budgets, review pricing strategies, and cope with an anticipated uptick in inflation that could affect consumers and industry alike.

The surge follows a series of sharp increases in the ex‑depot price of Premium Motor Spirit (PMS) by major refiners, which has flowed through to retail stations nationwide. Sector analysts say this movement reflects volatility in global oil markets and rising crude prices, which have made fuel more expensive for wholesalers and end users.

Transport operators and logistics companies have already reacted, with reports of higher fares and freight charges as the cost of moving goods rises. Many businesses fear that these added expenses will soon be passed on to customers through increased prices for food, consumer goods, and services.

Economists and industry groups are calling on policymakers to develop strategies that can ease the burden on businesses and households, including efforts to strengthen domestic refining capacity and stabilise fuel supply. They warn that without effective interventions, the wider economy could feel sustained inflationary pressure.