Rising fuel and food prices are putting unprecedented pressure on Nigerian households and businesses, analysts warn, arguing that wage awards and palliatives alone will not resolve the cost‑of‑living crisis.
The Nigeria Labour Congress (NLC) issued a statement titled “Save the Situation Now” on Wednesday, calling for immediate wage awards and palliatives to cushion the impact of petrol price hikes. President Joe Ajaero noted that petrol now sells for about N1,430 per litre in major cities, with higher prices in less accessible locations. The labour centre warned that the surge would raise transportation costs and trigger further increases in food, rent, school fees and other essential goods and services.
Energy prices have spiked across the country. Cooking gas prices rose 25 % to between N1,500 and N1,600 per kilogramme from N1,200, while diesel prices climbed to as high as N2,300 per litre at some filling stations. The September 16, 2026 mid‑day depot price report showed sharp diesel increases in Lagos and Port Harcourt, with AGO prices rising from N1,830 to N2,000 in Lagos and from N2,080 to N2,120 in Warri. The higher diesel costs are especially significant for manufacturers, transport operators, telecommunications companies and small businesses that rely on diesel for power and transportation.
Petrol prices, however, remained relatively stable in some markets, ranging from N1,350 to N1,400 per litre in Lagos, with some reductions recorded in Calabar and Warri. Vice President of the Oil and Gas Service Providers Association of Nigeria, Lawal Kamaldeen, said the volatility was likely to persist, citing the prolonged USA‑Iran war as a key factor.
For many Nigerians, the cost of essentials has translated into reduced spending and postponed needs. Painter Abimbola Gbadamosi said the rising cost of food, transportation and accommodation had put severe pressure on her income, forcing her to cut non‑essential spending. Motor mechanic Kareem Ayodele of Ado‑Ekiti postponed his marriage plans because traditional wedding costs exceeded his budget. Teacher Matthew Babatope highlighted the steep rise in rent and food prices, noting a three‑bedroom flat in Akure now costs at least N400,000 and a plate of rice in some cafeterias sells for about N2,000. Petty trader Janet Ibikunle said rising wholesale prices reduced her ability to restock, forcing her to balance price increases against customer complaints.
Analysts argue that lasting solutions require structural changes to lower transportation, energy, food, housing and other essential costs. The Lagos Chamber of Commerce and Industry (LCCI) has called for more crude to be supplied to local refineries, while the NLC stresses the need for targeted relief for vulnerable Nigerians. The consensus is that immediate relief is necessary, but only a comprehensive approach can bring lasting stability to the economy.
<small>Source: Vanguard News — read the original story there.</small>
