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

Petrol prices in Nigeria have reached alarming levels, with costs ranging from N1,310 to N1,400 per litre across various cities, driven by a surge in crude oil prices, which hit nearly $120 per barrel. The Nigerian National Petroleum Company Limited (NNPCL) has adjusted pump prices upward, reflecting volatility in the downstream sector.

Commercial drivers, such as Toheeb Sulaimon, report drastic drops in earnings due to increased fuel costs, with daily fuel expenditures rising from N10,000 to N20,000. In Kano, prices have climbed to N1,390 per litre, while in Abuja, they range from N1,361 to N1,370.

The ripple effect has led to significant hikes in transport fares, with residents like Ismail Mabo noting that fares have doubled. In Port Harcourt, petrol prices have soared to N1,300 to N1,400 at official stations, with black market rates reaching N1,800 per litre.

This situation has forced many car owners to abandon their vehicles, exacerbating the financial strain on households already grappling with high living expenses.