Nigeria's Petrol Prices Surge to N980 Amid Global Crisis

Petrol prices in Nigeria have risen to N980 per litre as of recent reports, with significant increases noted across various states. This surge is attributed to escalating tensions in the Middle East, which have impacted global crude oil prices, now trading above $80 per barrel.

The Nigerian National Petroleum Company Limited (NNPCL) has adjusted its ex-depot prices from N774 to N874 per litre, leading to retail prices in Abuja ranging from N875 to N960 per litre. In Lagos, independent marketers have set prices as high as N935 per litre.

Consumers and transport operators are expressing concern over the price hikes, which are expected to further strain household budgets and increase transport fares. The International Monetary Fund (IMF) has also raised alarms about the potential disruption to global trade due to rising energy prices.

Local drivers and residents in border areas fear that prices could escalate to N1,500 per litre if the situation worsens.