Abuja Petrol Prices Soar to ₦1,430/Litre Amid Global Crude Price Spike

Petrol prices have skyrocketed to as high as ₦1,430 per litre in parts of Abuja due to escalating tensions in the Middle East and concerns over oil shipments through the Strait of Hormuz. The increase is attributed to a ₦85 rise in the gantry price of the Dangote Petroleum Refinery, which now stands at ₦1,350 per litre.

This represents a 6.7% increase and takes the price above the estimated petrol landing cost of ₦1,311 per litre. Brent crude, the international benchmark against which Nigeria's crude is priced, was trading at about $108 per barrel amid heightened geopolitical tensions and uncertainty over energy supplies.

Several filling stations in Abuja have adjusted their pump prices accordingly, with NIPCO outlets increasing petrol prices from ₦1,350 to ₦1,430 per litre. Mobil stations raised their prices from ₦1,350 to ₦1,400, while MRS outlets increased the pump price from ₦1,350 to ₦1,395 per litre.

Economist and development expert Dr Aliyu Ilias warned that the increase could worsen inflation and further deepen economic hardship. He noted that transportation costs affect virtually every sector of the economy, particularly food production and distribution.