Petrol prices in Nigeria have seen a significant rise following a recent adjustment by Dangote Refinery, which increased its wholesale gantry price from N1,265 to N1,350 per litre. This N85 increase, representing a 6.7% hike, has led to higher pump prices across major cities, including Lagos, Abuja, and Ogun State.

In Lagos, the Nigerian National Petroleum Company Limited (NNPCL) has set its pump price at N1,380 per litre, up from N1,299. Various filling stations, such as FVB and Toluwalase, are now selling petrol at N1,350 per litre, reflecting the timing of their last stock purchases.

Abeokuta is experiencing varied prices as well, with NNPCL outlets selling petrol at N1,307 per litre, while Fatgbems stations have set their prices at N1,385 per litre. Marketers who procured their supplies before the price adjustment may continue to sell at lower rates until their stock is replenished.

Abuja has witnessed the most significant price increases, with NIPCO raising its pump price from N1,350 to N1,430 per litre. Mobil and MRS have also adjusted their prices to N1,400 and N1,395 per litre, respectively. An attendant at an MRS outlet noted that they were still selling petrol bought before the price hike, indicating that further increases could follow once new supplies arrive.

These price adjustments come amid rising international crude oil prices, with Brent crude trading around $107.92 per barrel before climbing to $108.21. This trend is contributing to the increased costs of petroleum products and their replacements.

Economists and labor leaders have raised alarms over the implications of these price hikes, warning that they could exacerbate inflation by driving up transportation and production costs. Aliyu Ilias, an economist, emphasized that such increases would ultimately affect the prices of food and other essential goods.

Former Secretary-General of the Organisation of African Trade Union Unity, Owei Lakemfa, has called on the government to implement measures to protect Nigerians from the volatility of global oil prices. Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), echoed these concerns, stating that frequent wholesale price fluctuations create uncertainty for fuel operators, as replacement stock may become costlier before current supplies are sold out.

As the situation unfolds, motorists across Nigeria brace for the impact of these rising fuel costs, which are likely to affect their daily expenses significantly.