Fuel Price Rises to N1,400/Litre, Deepens Pressure on Homes, Businesses
Petrol prices have gone up again across Nigeria as the rise in international crude oil prices above $100 per barrel continues to push costs higher. The increase is creating fresh pressure for households, transporters and businesses already battling high inflation.
Major marketers have adjusted their pump prices. MRS filling stations now sell at N1,400 per litre, up from N1,300. NNPC retail outlets have raised their price to N1,375 per litre from N1,275, while some independent marketers are selling at about N1,400 per litre. The adjustment follows Dangote Refinery increasing its gantry price to N1,350 per litre, reflecting higher crude and supply chain costs.
The development is expected to drive up transportation fares as commercial bus, taxi and tricycle operators face higher daily running costs. Commuters including workers, students and traders who travel daily are likely to feel the impact first. The higher cost of moving people and goods will also affect food and other essential items, as distributors pass logistics expenses to consumers.
Households that rely on petrol-powered generators will also contend with higher electricity costs. For businesses in manufacturing, retail, logistics, agriculture and services, the combination of higher fuel, transport and power expenses could squeeze profit margins and force price increases.
in a chat with The Vanguard, Mazi Colman Obasi, National President of Oil and Gas Services Providers Association of Nigeria, OGSPAN, stated that pump prices are now directly tied to international crude prices, exchange rates and freight costs.
He warned that if crude remains above $100 per barrel, domestic petrol prices could face further pressure.
Victoria Ibezim-Ohaeri of Spaces for Change highlighted that low and middle-income households will bear the most burden through higher transport, food and energy costs. With headline inflation at 15.43 percent and food inflation at 20.31 percent according to NBS, she noted that a prolonged oil price shock could weaken purchasing power and slow business investment.
Analysts also say that volatility may persist in the coming weeks due to global supply disruptions, meaning Nigerians could face further increases in fuel and living costs.
