Inflation Concern Raises as Fuel Price Jumps to N1,300/Litre

By Adewusi Aisha

Inflation concerns are rising in Nigeria as petrol prices climb to about N1,300 per litre across the country. The increase followed a fresh price adjustment by the Dangote Petroleum Refinery, which raised its gantry price for Premium Motor Spirit (PMS) from N995 to N1,175 per litre, marking the third hike within a week.

The adjustment has forced many filling stations to increase pump prices to between N1,250 and N1,400 per litre, further raising worries about the impact on the cost of living.

The increase is linked to rising global crude oil prices triggered by tensions in the Middle East involving the United States, Iran, and Israel. Crude prices briefly climbed above $110 per barrel, pushing up fuel costs in countries that depend on global oil markets.

Economists and business groups warn that the surge in petrol prices could lead to higher transport fares, food prices, and production costs, as many businesses rely heavily on fuel for logistics and operations.

The Nigeria Labour Congress criticised the repeated price hikes, saying they highlight Nigeria’s continued vulnerability to global oil market shocks despite having local refining capacity.

Experts have urged the government to strengthen domestic refining and reduce dependence on imports to protect the economy from international energy crises.

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