NIGERIA — Widespread outrage has greeted the recent hike in the price of Premium Motor Spirit (PMS), commonly known as petrol, as pump prices across the country now exceed N1,000 per litre in several states, triggering an increase in transport fares and deepening the cost-of-living crisis.
The latest adjustment follows an increase in the ex-depot price by the Dangote Petroleum Refinery, which raised its gantry price to N995 per litre, citing volatility in global crude oil markets linked to the escalating Middle East crisis.
In Abuja, retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) adjusted prices to between N960 and N1,050 per litre, while some independent marketers sold as high as N1,105.
In Lagos, petrol prices ranged from N1,005 to as high as N1,190 per litre depending on the location . Other states, including Kano, Kaduna, and Gombe, recorded prices between N1,060 and N1,250 per litre.
The increase has sparked immediate reactions from motorists and commuters who bear the brunt of the adjustment. Transport fares have already doubled on some routes, with commercial drivers passing the burden to passengers.
Speaking to CDA News, a resident in Abuja expressed frustration. “I don’t even know why they increased it like this. How is it that fuel now is one thousand plus? Transport will increase, and the condition of this country will just get worse. If fuel increases, everything increases,” Darlington Ebube lamented.
On social media, Nigerians voiced their anger and confusion. @killer bean posted, “We have our own oil, our own refineries, but still got affected by the war”. @Marvis added, “We are the ones producing our fuel, and yet we are the ones suffering.”
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has attributed the price fluctuation to market dynamics under Nigeria’s fully deregulated downstream petroleum regime. Spokesperson George Ene-Ita explained that pump price vagaries are a direct result of market forces, noting that the policy aims to encourage competition and efficiency.
However, petroleum marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have warned that sustained geopolitical instability could push oil prices beyond $100 per barrel, further straining Nigerian consumers
. They have called on the Federal Government to strengthen domestic refining capacity and sustain the Naira-for-Crude policy to insulate the market from external shocks.
Economists caution that rising petrol prices will trigger a chain reaction across the economy, with higher transportation costs inevitably translating into increased food prices and production costs for essential goods.
As one motorist in Port Harcourt lamented, “Petrol is expensive in a country with four refineries. Government must do something to help citizens”.
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