The steady rise in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, has intensified economic hardship across Nigeria, with prices climbing to nearly N1,400 per litre in several parts of the country, triggering widespread anxiety among transporters, commuters, and businesses.
Findings across major cities indicated that the latest surge, driven largely by rise in the price of crude oil, is shrinking incomes, inflating transport fares, and worsening the cost-of-living crisis for millions of Nigerians.With the price of crude oil hitting almost $120 per barrel last week before settling at $112 over the weekend as the Middle East crisis rages, Dangote also adjusted its gantry price from N1,175 to N1,245 per litre.
In response to the latest increase, marketers also adjusted pump prices across the country with new prices ranging from N1,310; N1,325; N1,370 and N1,400 per litre depending on locations.
In Lagos, commercial drivers say the rapid increase in fuel prices is eroding their profits and threatening their livelihoods. At several filling stations, prices fluctuated between N1,320 and N1,330 over the weekend, with some outlets briefly selling as high as N1,380 before adjusting downward.
At stations operated by the Nigerian National Petroleum Company Limited (NNPCL), pump prices were revised upward twice within days, reflecting the volatility in the downstream sector.Toheeb Sulaimon, a commercial driver operating along the Ogba–Ikeja route, said his daily earnings have dropped drastically due to rising fuel costs and declining passenger traffic.
“When fuel was around N800 per litre, I could spend about N9,000 on fuel and still make up to N30,000 in a day. Now, everything has changed. The cost has doubled, but passengers are fewer,” he said.Maduka Chibo, another operator, said his daily fuel expenditure has risen sharply to over N20,000, compared to about N10,000 when petrol sold at N800 per litre.
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