Petrol prices have surged across Nigeria after the Dangote Petroleum Refinery raised its gantry price of Premium Motor Spirit (PMS) to N995 per litre, pushing pump prices above N1,000 in several states.
A market survey showed petrol now sells between N1,000 and N1,190 per litre depending on location and retail outlet, triggering increases in transport fares and raising concerns about the rising cost of living.
In Abuja, most filling stations sell petrol between N1,052 and N1,105 per litre, while prices in Lagos range from about N1,005 to as high as N1,190 at some outlets. In Kaduna, Taraba, Edo and Rivers states, pump prices hover between N1,050 and N1,075 per litre. However, in Gombe, petrol sells for as much as N1,250 per litre.
Despite the price hike, fuel supply remains steady in most areas, preventing panic buying, although some parts of Jigawa recorded a rush at filling stations amid fears of further increases.
Transport operators and small business owners say the new price regime is straining household incomes and forcing them to raise fares and service charges.
The latest increase has been linked to rising global oil prices triggered by escalating tensions in the Middle East involving Iran, the United States and Israel. The conflict has disrupted shipping through the Strait of Hormuz, a key global oil transit route, pushing Brent crude prices above $90 per barrel.
Analysts warn that the rise in petrol prices could further drive inflation, as higher transportation and energy costs are likely to increase the prices of food and other essential goods across the country.
