Many Nigerians are facing higher fuel costs following a fresh increase in the gantry price of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery to N995 per litre. The adjustment has led to a rise in pump prices across several parts of the country, with some filling stations now selling petrol above N1,000 per litre.
Checks across different cities show that the price of petrol currently ranges between N1,000 and N1,190 per litre depending on the location and the outlet. The development has also resulted in an increase in transportation fares, as operators adjust their charges to reflect the higher cost of fuel.
Although there has been no widespread panic buying due to steady supply, many motorists, transporters and small business owners say the latest increase is adding more pressure on household budgets already affected by inflation.
At the time of a visit to an NNPC filling station, petrol was not available for sale, although an attendant disclosed that the product had been sold at N995 per litre the previous day.
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In Port Harcourt, Rivers State, petrol was sold between N1,050 and N1,075 per litre. At Restore Park filling station along Elekahia, the product was dispensed at N1,050 per litre, with only a few vehicles seen at the station.
A motorist identified as Andy expressed frustration over the sudden rise in price.
“I bought petrol for N1,030 yesterday. Today it has jumped to N1,050,” he said.
Another motorist, Felix Naamime, lamented the situation.
“Petrol is expensive in a country with four refineries. Government must do something to help citizens,” he said.
Economic analysts warn that increases in petrol prices often affect many sectors of the economy, as higher transportation and energy costs usually lead to increased food prices, production expenses and the overall cost of goods and services.
With pump prices now exceeding N1,000 per litre in several states, many Nigerians are concerned that the broader economic impact may continue to unfold.
