The pump price of petrol has surged to nearly N1,400 per litre across Nigeria, driven by rising crude oil prices amid the escalating Middle East crisis. Crude oil hit almost $120 per barrel last week before settling at $112 over the weekend, prompting Dangote Refinery to adjust its gantry price from N1,175 to N1,245 per litre. Marketers responded with pump prices ranging from N1,310 to N1,400 depending on location. The increase has triggered sharp rises in transport fares, with commercial drivers reporting daily fuel costs doubling and earnings plummeting. Residents across Lagos, Kano, Abuja, Ilorin, and the South-South report worsening economic hardship...READ FULL; ORIGINAL POST; FROM SOURCE.
Key Points:
Transport fares have doubled in many cities, with commuters paying up to N700 for trips that previously cost N300 to N400.
Commercial drivers report daily fuel costs rising from N10,000 to over N20,000, while passenger traffic declines.
The price of cement has already increased by N500 in some areas, with fears of further hikes across other goods.
Black market petrol prices in the South-South have soared as high as N1,800 per litre, reflecting supply challenges.
The crisis follows President Tinubu’s warning to governors that the Middle East conflict would spike inflation and erode purchasing power.
As the global oil crisis collides with domestic economic realities, Nigerian households and businesses face mounting pressure, with no immediate relief in sight.
Sources: Daily Trust