Nigerians Face Petrol Price Surge Amid Global Crises

Nigerians are currently experiencing a substantial increase in petrol prices due to adjustments made by Dangote Petroleum Refinery, which has raised the price of premium motor spirit to N995 per liter. This adjustment has triggered retail price increases nationwide, pushing pump prices above N1,000 per liter in various states.

Reports indicate that petrol is being sold for between N1,000 and N1,190 per liter, depending on the location of the retail outlet. The rise in petrol prices has led to increased transport fares, with commercial drivers adjusting their charges to cope with the new fuel costs.

For instance, Daniel Ishyaku, a commercial driver, noted that fares have increased from N400 to N700. The price hike is attributed to escalating geopolitical crises in the Middle East, particularly involving Iran, the United States, and Israel, which have disrupted global oil supply chains and pushed crude oil prices above $90 per barrel.

Despite the price increase, fuel remains available at stations without significant queues.