Petrol Prices Surge to ₦1,350/Litre in Abuja

The price of Premium Motor Spirit (petrol) has reached ₦1,350 per litre in parts of Abuja, following a series of price increases by Dangote Refinery over the past week. The refinery raised its gantry price from ₦1,165 to ₦1,185, then to ₦1,200, and finally to ₦1,265 per litre.

Various filling stations in the Federal Capital Territory adjusted their prices accordingly, with Eterna selling at ₦1,320, Gegu Oil at ₦1,310, and TotalEnergies at ₦1,280 per litre. Motorists have expressed frustration over the rising costs, with individuals like Mr. Adewale Salau and Stanley Okezie highlighting the strain on their daily lives and the potential for increased food prices due to higher transportation costs.

Dr. Aliyu Ilias, a development expert, called for urgent government action to address the economic consequences of the price hike. Mr. Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, noted that marketers cannot sell petrol below replacement costs, contributing to the uncertainty in the market.