Nigerian Petrol Prices Soar Above N1,300/Litre Amid Ongoing Volatility

Consumers in Nigeria are facing increasing pressure from rising petrol prices, which have climbed above N1,300 per litre. In Abuja, several retail outlets have raised their pump prices by between N60 and N75 per litre over the past week.

MRS, a partner station of Dangote Refinery, increased its price to N1,310 per litre, while AYM Shafa and AA Rano charged N1,320 per litre. Adova Plc also raised its price to N1,347 per litre.

Motorists like Joachim Musa are expressing concern over the frequent price adjustments, which they say are making it difficult for them to plan their daily expenses. 'I was here yesterday and the price was N1,270 and today it is N1,320 per litre,' Musa said.

The Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike, attributed the volatility in petrol prices to international crude oil prices, foreign exchange movements, and geopolitical developments affecting global oil supplies.