Abuja Petrol Prices Skyrocket Amid Global Oil Price Surge

Stakeholders in Abuja are expressing concern over recent increases in petrol prices at filling stations in the Federal Capital Territory (FCT).

According to a check, MRS retail outlets have raised their pump price from N1,350 to N1,395 per litre, while NIPCO retail outlets have increased their price from N1,350 to N1,430 per litre.

Mobil outlets have also increased the price from N1,350 to N1,400 per litre. A petrol attendant at an MRS filling station said that the price of fuel could increase further from tomorrow, once new stock arrives.

The latest adjustment follows a N85 increase in Dangote Petroleum Refinery's gantry price, from N1,265 to N1,350 per litre, amidst a surge in global crude oil prices. This represents a 6.7 per cent increase and takes the refinery's wholesale price above the current petrol landing cost of N1,311 per litre.

Economist Aliyu Ilias warned that the latest increase in petrol prices could worsen inflation and deepen economic hardship for Nigerians. He called for effective regulation and adequate planning to protect consumers and prevent further economic hardship.