Fuel Price Rises to N1,400, Deepens Pressure on Nigerians
By Chibuzo Obidike
The recent surge in international crude oil prices above $100 per barrel has triggered fresh increases in petrol prices across Nigeria, deepening concerns over transportation, household expenses and business operating costs.
MRS filling stations have raised their petrol price from ₦1,300 to ₦1,400 per litre in Lagos and its environs, while NNPC stations increased theirs from ₦1,275 to ₦1,375. Some independent marketers have also moved their prices to about ₦1,400 per litre from ₦1,360.
The latest increases followed a rise in the gantry price of petrol by Dangote Petroleum Refinery to ₦1,350 per litre. The development is expected to increase transport fares and the cost of moving food, raw materials and other goods, while households that depend on petrol powered generators may also face higher energy expenses.
National President of the Oil and Gas Services Providers Association of Nigeria, Mazi Colman Obasi, said the immediate trigger was the rise in international crude prices, which has increased the cost of refined petroleum products and altered domestic fuel supply economics. He warned that sustained crude prices above $100 per barrel could put further pressure on petrol prices, transport fares, household spending and business costs.
Executive Director of Spaces for Change, Victoria Ibezim Ohaeri, said the impact could further reduce the purchasing power of low and middle income households. She also warned that prolonged higher energy and logistics costs could force businesses to raise prices, absorb lower profit margins, postpone investments or reduce employment, potentially adding to inflationary pressure.
