By Stephen Simon
The price of Premium Motor Spirit, popularly known as petrol, has risen to as high as ₦1,430 per litre in parts of the country, worsening pressure on households, businesses and transport operators.
The latest increase followed a fresh upward adjustment by Dangote Petroleum Refinery, which raised its gantry price of petrol by ₦85 from ₦1,265 to ₦1,350 per litre. The refinery attributed the adjustment to rising international crude oil prices and higher product replacement costs.
Reports showed that the increase was already being reflected at filling stations, with petrol selling for about ₦1,400 per litre in some locations and reaching ₦1,430 in parts of Abuja. Prices, however, vary depending on location, supplier and available stock.
The latest development has been linked to the surge in international crude prices, which have climbed above $100 per barrel amid heightened tensions in the Middle East and concerns over oil shipments through the strategic Strait of Hormuz.
The fresh increase is expected to raise operating costs for transporters and businesses, with the impact likely to filter through to fares, food prices and the cost of goods and services. Households are also facing renewed pressure as schools resume and families contend with higher transportation and other living expenses.
The Dangote adjustment has also placed additional pressure on depot owners and independent marketers, whose pricing decisions are influenced by replacement costs and prevailing international market conditions. Industry operators are closely watching developments in the global oil market for indications of whether the latest increase will persist.
With crude prices remaining volatile and Nigeria’s downstream petroleum market operating under market-driven pricing, consumers may continue to face fluctuations in petrol prices. The latest increase has therefore renewed concerns over the cost-of-living burden confronting Nigerians.
