Petrol Prices Soar in Abuja Amid Global Crude Oil Price Surge
Many filling stations in Abuja have increased petrol prices following an N85 rise in Dangote Petroleum Refinery's gantry price to N1,350 per litre. This represents a 6.7% increase and puts the refinery's wholesale price above the current petrol landing cost of N1,311 per litre.
Bent crude, the benchmark for Nigeria's oil, is trading at $108.21 per barrel, fuelling concerns about higher prices for motorists in the coming weeks. MRS retail outlets have increased their pump price from N1,350 to N1,395 per litre, while NIPCO and Mobil outlets have also raised their prices.
Economist Aliyu Ilias warned that the increase could worsen inflation and deepen economic hardship for Nigerians, citing higher transportation and production costs for food and other essential commodities. He called for measures to absorb these costs, otherwise they will show up in the next inflation figures.