Petrol Prices Surge to N1,430 in Abuja Amid Crisis

Petrol prices in Abuja have reached N1,430 per litre, following an N85 increase in the gantry price set by Dangote Petroleum Refinery, which rose from N1,265 to N1,350 per litre. This adjustment reflects a 6.7 percent increase amid a surge in global crude oil prices, with Brent crude trading between 107.92 and 108.21 dollars per barrel.

The increase has pressured downstream operators, prompting further price adjustments across the Federal Capital Territory (FCT). Retail outlets such as MRS, NIPCO, and Mobil have raised their prices to N1,395, N1,430, and N1,400 per litre, respectively.

A petrol attendant indicated that prices could rise further with the arrival of new stock. Dr. Aliyu Ilias, an economist, warned that the price hike could exacerbate inflation and economic hardship, particularly affecting transportation and food production costs.

Mr. Owei Lakemfa, former Secretary-General of OATUU, emphasized the need for Nigeria to shield consumers from global oil price fluctuations and strengthen economic planning.