Nigeria's Petrol Prices Surge to ₦1,400 Per Litre

Petrol prices in Nigeria have reached ₦1,400 per litre, significantly impacting the economy and increasing financial strain on households and businesses. The latest spike is attributed to a rise in global crude oil prices, which approached nearly $120 per barrel last week.

This increase has led to transport fares soaring, with reports of bus fares rising as businesses struggle to cope with escalating costs. The Nigerian National Petroleum Company Limited (NNPCL) has adjusted pump prices upward twice within a few days, reflecting instability in supply.

Commuters have reported nearly doubling transport costs, forcing many to seek alternative arrangements. In Abuja, petrol prices have climbed steadily, with stations selling between ₦1,361 and ₦1,370 per litre.

The situation is dire in areas like Port Harcourt and Yenagoa, where petrol prices range from ₦1,300 to ₦1,400. The ongoing fuel price hikes are pressuring households, particularly low-income earners, and are expected to alter transport patterns across the country.