Hardship Deepens in Nigeria as Petrol Price Surges to N1,300 Per Litre

Nigerians are facing increased economic pressure following a fresh hike in the price of Premium Motor Spirit (PMS), commonly known as petrol, which has risen to about N1,300 per litre from the previous price of around N1,050 per litre.

The latest adjustment represents an increase of roughly 24 percent and comes amid rising global crude oil prices, which recently climbed to around $110 per barrel due to tensions in the Middle East.

Industry sources say the rising international cost of crude oil and higher fuel import costs are major factors driving the increase across Nigeria.

Diesel Prices Also Climb

The cost of Automotive Gas Oil (AGO), popularly known as diesel, has also increased significantly. At some retail outlets operated by MRS, diesel was sold at about N1,380 per litre, up from roughly N1,100 per litre.

Meanwhile, stations operated by the Nigerian National Petroleum Company (NNPC) Limited reportedly sold diesel for as high as N1,680 per litre in Lagos and surrounding areas.

Fuel Prices Rise Across Several Cities

Petrol prices have also surged in Ibadan and nearby communities in Oyo State, where motorists now purchase the product for between N1,200 and N1,300 per litre. Just weeks earlier, the product sold between N1,020 and N1,080 per litre.

A member of the Independent Petroleum Marketers Association of Nigeria (IPMAN), who requested anonymity, explained that the rising landing cost of fuel imports is largely responsible for the increase.

According to the marketer, the cost of lifting petrol from depots in Lagos has climbed to approximately N1,175 per litre.

“The pump price varies depending on location. While Ibadan stations are selling between N1,200 and N1,300 per litre, prices may differ in other areas such as Ogbomoso and Oke-Ogun,” the marketer explained.

Price Spike Hits Abuja Fuel Market

In Abuja, the situation has worsened as petrol prices jumped from around N880 per litre a week ago to more than N1,300 per litre at several retail outlets.

The increase follows an adjustment in the gantry price announced by the Dangote Petroleum Refinery, which raised petrol loading prices to about N1,175 per litre from N995.

Diesel loading prices were also increased to approximately N1,620 per litre from the previous N1,430 per litre.

Transport Fares Rise Across Major Routes

As fuel costs increase, transportation fares have also surged across many cities. Commuters in parts of Abuja have reported fare increases of more than 100 percent on some routes.

For instance, a trip that previously cost about N800 has reportedly climbed to around N1,500, while fares between Area 8 and Nyanya doubled from roughly N500 to N1,000.

Experts Link Increase to Global Oil Market

Energy analysts say the latest increase was expected due to the steady rise in global crude oil prices.

According to an energy expert, refining margins remain relatively small, meaning even minor increases in crude oil prices can significantly affect the final cost of refined petroleum products.

“Refinery margins are typically between 1.3 and 1.5 percent. Because of this, even a slight increase in crude prices can quickly push up fuel prices in the market,” the expert explained.

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Frequently Asked Questions (FAQ)

Why has petrol price increased to N1,300 per litre?

Petrol prices increased due to the rising cost of crude oil in the international market, higher landing costs of imported fuel, and adjustments made by refineries supplying the Nigerian market.

How much is petrol currently selling in Nigeria?

In several cities including Lagos, Ibadan, and Abuja, petrol prices range between N1,200 and N1,300 per litre depending on location and fuel station.

Why are transportation fares rising?

Transport fares often rise when fuel prices increase because transportation operators must cover higher fuel costs for buses, taxis, and other vehicles.

Is diesel also affected by the price increase?

Yes. Diesel prices have also increased, reaching between N1,380 and N1,680 per litre in some parts of Nigeria.

Where can I read more news and updates?

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