Petrol prices have jumped to N1,430 per litre in Abuja, piling fresh pressure on motorists and households after Dangote Petroleum Refinery raised its wholesale price by N85.
The latest increase has triggered a fresh round of pump price adjustments across the Federal Capital Territory, with motorists now paying significantly more for petrol at some filling stations.
Dangote Refinery increased its gantry price from N1,265 to N1,350 per litre, representing a 6.7 per cent rise.
Following the adjustment, NIPCO outlets raised their pump price from N1,350 to N1,430 per litre, while Mobil increased its price to N1,400.
MRS also moved from N1,350 to N1,395 per litre.
The price increases are coming amid a surge in global crude oil prices as geopolitical tensions around the Middle East and the Strait of Hormuz worsen.
Brent crude, the benchmark for Nigeria’s oil, rose above $108 per barrel.
The latest development is raising concerns that transportation costs and prices of food and other essential goods could rise further.
Economist and development expert, Dr Aliyu Ilias, warned that the increase could worsen inflation and deepen the financial pressure on Nigerians.
He said higher petrol prices would increase transportation and production costs, with the effects likely to spread across the economy.
Former Secretary-General of the Organisation of African Trade Union Unity, Owei Lakemfa, urged the Federal Government to strengthen its measures for protecting consumers from global oil price shocks.
Lakemfa said Nigeria’s position as a crude oil-producing country should give it an advantage over countries that depend heavily on imported refined petroleum products.
He argued that domestic refining should help reduce the impact of international shocks on Nigerian consumers.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers had reviewed their pump prices because of repeated adjustments by the Dangote refinery.
He said the frequent changes were creating uncertainty for marketers, particularly because the cost of replacing their stocks could change within a short period.
For motorists and households already struggling with high living costs, the latest increase could mean another round of higher transport fares and rising prices of goods and services.