Petrol Pain: Nigerians Reel As Fuel Hits ₦1,400/Litre

The relentless increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, has intensified economic pressures across Nigeria, with rates nearing ₦1,400 per litre in several regions. According to Ireporter Online, the surge is deepening financial strains for households as transport costs rise, business expenses escalate, and disposable incomes dwindle.

Industry analysts attribute the hike largely to a sharp rise in global crude oil prices, which peaked at nearly $120 per barrel before easing slightly to $112 amid ongoing tensions in the Middle East. The adjustment by Dangote Refinery, which increased its gantry price from ₦1,175 to ₦1,245 per litre, set off a ripple effect across the downstream sector, prompting marketers to raise pump prices to between ₦1,310 and ₦1,400, depending on location and supply logistics.

The increase has significantly affected transport operators, commuters, and small business owners. In Lagos, fuel prices at several filling stations fluctuated between ₦1,320 and ₦1,380 per litre, with some outlets adjusting multiple times in a few days. Commercial drivers reported shrinking profit margins, as daily fuel expenditures have doubled while passenger numbers decline. Toheeb Sulaimon, a driver on the Ogba-Ikeja route, described the situation as dire, noting that what was previously manageable at ₦800 per litre is now unsustainable.

In Kano, petrol prices reached as high as ₦1,390 per litre at independent outlets, prompting increases in transport fares, particularly for tricycle and shuttle services. Residents expressed frustration at the strain on household budgets, warning that sustained fuel hikes could alter commuting patterns and force individuals to rethink vehicle usage.

The Federal Capital Territory has also experienced steep rises, with pump prices ranging from ₦1,361 to ₦1,370 per litre. Civil servants and commuters report nearly doubled transportation costs, prompting alternative arrangements such as carpooling or remote work. In Ilorin, Kwara State, petrol is selling between ₦1,295 and ₦1,343 per litre, with residents lamenting the erosion of purchasing power and the necessity of difficult financial decisions.

In the Niger Delta cities of Port Harcourt and Yenagoa, petrol is reportedly selling at registered stations for ₦1,300 to ₦1,400 per litre, while black market rates have surged to as high as ₦1,800. Commuters have seen transport fares double, and interstate travel fares, such as from Yenagoa to Uyo, have risen from ₦9,000 to ₦11,000. The persistent fuel price increase continues to exacerbate Nigeria’s cost-of-living crisis, putting pressure on households and businesses alike.