Nigeria's Petrol Prices Surge to N1,400 per Litre

Nigerians are facing increased economic pressure as petrol prices have risen to between N1,260 and N1,400 per litre, following a surge in global crude oil prices, with Brent crude exceeding $100 per barrel. This increase has led to transport fare hikes in various regions, with some transport operators already adjusting their prices.

In Lagos, A.A. Rano raised its ex-depot price from N1,275 to N1,279 per litre, while other marketers increased theirs to N1,275 per litre.

Dangote Refinery resumed gantry loading of Premium Motor Spirit (PMS), raising its ex-depot price from N1,075 to N1,215 per litre, a 13.02% increase. Commuters in the Federal Capital Territory reported that rising transport costs are consuming a larger share of their incomes.

In Ilorin, pump prices reached between N1,255 and N1,305 per litre, while prices in Kaduna and Adamawa ranged from N1,350 to N1,370. Transport fares from Maiduguri to Kano increased from N20,000 to N25,000, although fares in Ibadan and Kano remained stable.