Petrol Price Nears N1,400/Litre Nationwide, Deepens Hardship – The Bureau News | Nigeria News Today
By Enemona Samuel Endurance
The Bureau News reports that the steady rise in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, has intensified economic hardship across Nigeria, with prices nearing N1,400 per litre in several parts of the country.
The latest surge has triggered widespread anxiety among transporters, commuters, and businesses, as rising fuel costs continue to erode incomes and increase the cost of living.
Nigeria News Today: Petrol Price Surge Hits N1,400
Findings across major cities indicate that the increase, driven largely by rising global crude oil prices, is inflating transport fares and worsening economic conditions for millions of Nigerians.
Crude oil prices recently climbed to nearly $120 per barrel before settling at about $112, amid ongoing tensions in the Middle East.
In response, the Dangote refinery adjusted its gantry price from N1,175 to N1,245 per litre, prompting marketers to revise pump prices nationwide.
Current pump prices now range between N1,310 and N1,400 per litre depending on location.
Transporters, Commuters Bear the Brunt
In Lagos, commercial drivers say the rapid increase in petrol prices is eroding their profits and threatening their livelihoods.
At several filling stations, prices fluctuated between N1,320 and N1,330 over the weekend, with some outlets briefly selling as high as N1,380 before adjusting.
At stations operated by the Nigerian National Petroleum Company Limited (NNPCL), pump prices were revised upward multiple times within days, reflecting volatility in the downstream sector.
Toheeb Sulaimon, a commercial driver on the Ogba–Ikeja route, said his daily earnings have dropped significantly.
“When fuel was around N800 per litre, I could spend about N9,000 and still make up to N30,000 daily. Now, costs have doubled, but passengers are fewer,” he said.
Another driver, Maduka Chibo, said his daily fuel expenses have risen to over N20,000 from about N10,000 previously.
Northern Cities Record Sharp Increases
In Kano, petrol prices climbed as high as N1,390 per litre, with independent marketers adjusting rates in response to rising supply costs.
The increase has triggered higher transport fares, with residents lamenting the growing burden.
Ismail Mabo, a resident, said he was charged N4,000 for a trip that would normally cost about N1,000, accusing operators of exploiting the situation.
Another resident, Abba Kabir, warned that sustained increases could force many Nigerians to abandon personal vehicles or convert them for commercial use.
Abuja, Kwara Experience Fresh Hikes
In Abuja, pump prices have surged to between N1,361 and N1,370 per litre following a new pricing template issued by MRS Oil Nigeria Plc.
The company pegged its benchmark price at N1,332 per litre, with variations depending on logistics and supply costs.
Across the Federal Capital Territory, rising fuel prices have deepened concerns among residents already grappling with high living expenses.
In Ilorin, Kwara State, petrol sells between N1,295 and N1,343 per litre.
Residents say the persistent increase is stretching household budgets. A civil servant, Oladuni Lateefat, said transportation now consumes a significant portion of her income.
“What we used to manage with N4,000 daily is no longer enough. Transportation alone is taking a huge part of our income,” she said.
Businesses are also affected. A cement dealer reported that rising fuel costs have already pushed cement prices up by N500, with fears of further increases.
Black Market Surge in South-South
In Port Harcourt and Yenagoa, petrol prices range between N1,300 and N1,400 at official stations, while black market rates have soared to as high as N1,800 per litre.
The disparity has worsened the burden on residents, especially in areas with limited access to formal filling stations.
Commuters report that transport fares have doubled in some cases, reflecting the direct impact of rising fuel costs.
Inter-state travel has also become more expensive, with fares such as Yenagoa to Uyo increasing from about N9,000 earlier in the year to N11,000.
The Bureau News reports that the continued rise in petrol prices is expected to sustain inflationary pressures and further strain household incomes across Nigeria.
