By Our Correspondent
Nigerians across major cities are expressing frustration following a fresh petrol price increase linked to the gantry price adjustment by Dangote Petroleum Refinery.
The refinery raised the price of Premium Motor Spirit (PMS) to N995 per litre, triggering higher pump prices nationwide and pushing retail costs above N1,000 per litre in several states.
Market surveys show that petrol now sells between N1,000 and N1,190 per litre, depending on the state and filling station.
The increase has already begun affecting transportation costs and the prices of goods and services, worsening the economic pressure on households struggling with rising inflation.
Energy analysts attribute the surge in petrol prices to rising global crude oil prices linked to tensions in the Middle East.
The ongoing conflict involving Iran, the United States, and Israel has disrupted oil supply routes, particularly around the strategic Strait of Hormuz, a major global shipping corridor responsible for nearly 20 percent of the world’s oil and gas shipments.
Following recent attacks on vessels and warnings issued to international shipping companies, tanker movements in the region dropped significantly.
The disruption stranded millions of barrels of crude oil and refined products, pushing Brent crude prices above $90 per barrel and raising fears of further supply shortages.
In Abuja, petrol now sells between N1,052 and N1,105 per litre, forcing commercial drivers to increase fares.
One driver operating along the Federal Secretariat–Asokoro route said he had raised fares from N400 to N700 to offset the rising cost of fuel.
The situation is similar in Lagos, where pump prices have climbed as high as N1,190 per litre at some outlets.
Dispatch riders and transport operators say the development has forced them to increase service charges, while small business owners relying on petrol generators are also adjusting product prices to stay afloat.
Across northern states such as Kaduna, Kano, and Gombe, petrol prices range between N1,060 and N1,250 per litre, with some residents already reporting increased transport fares and reduced daily earnings.
Economic observers warn that rising petrol prices typically trigger a ripple effect throughout the economy, driving up transportation costs, food prices, and production expenses.
With fuel now selling above N1,000 per litre in many parts of Nigeria, many citizens fear the broader economic consequences may only be beginning.
