Petrol Prices Surge to N1,400 Per Litre in Nigeria

Petrol prices in Nigeria have reached as high as N1,400 per litre, significantly impacting transport fares and the overall cost of living for many citizens. This increase follows a rise in global crude oil prices, with Brent crude exceeding $100 per barrel.

The Nigerian National Petroleum Company Limited (NNPCL) raised its pump price from N1,270 to N1,335 per litre at its Abuja retail outlets. The Dangote Refinery also adjusted its ex-depot price from N1,075 to N1,215 per litre, marking a 13.02% increase.

Prices vary across the country, with petrol costing approximately N1,300 in Lagos and up to N1,390 in Maiduguri. The fluctuations in petrol prices have led to increased transport costs, with fares in Maiduguri rising from N20,000 to N25,000 for trips to Kano.

Mohammed Kuluwu, Chairman of the Independent Petroleum Marketers Association of Nigeria in Borno State, noted that these price changes discourage marketers from loading products. Prof.

Dayo Ayoade from the University of Lagos stated that the increase reflects the realities of Nigeria’s deregulated petroleum market.