A sharp surge in international crude oil prices above $100 per barrel has triggered a fresh wave of petrol price hikes across Nigeria, placing intense pressure on transporters, commuters, and businesses alike.
The upward adjustments reflect mounting cost pressures throughout the domestic petroleum supply chain, catalyzed by the rising cost of crude inputs globally.
Major downstream players have quickly moved to adjust their pump rates to match the new market reality.
In Uyo, the Akwa Ibom state capital, and its environs, fuel stations have increased their petrol price from ₦1,300 to over ₦1,450 per litre—a 7.8% jump.
Similarly, outlets operated by NNPC Limited raised prices from ₦1,275 to ₦1,375 per litre, while independent marketers pushed their rates up to ₦1,450 per litre.
Market observers note that these widespread adjustments directly followed a hike in the gantry price of petrol by the Dangote Petroleum Refinery to ₦1,350 per litre.
The refinery adjustment mirrors the compounding costs of international crude and local distribution, forcing retailers to pass on expenses to remain operational.
The ripple effects of the price hike are immediately visible in the transport sector, where commercial bus drivers, taxi operators, and tricycle riders face soaring daily operating expenses.
According to market checks, this is translating into higher fares for workers, students, and traders who already allocate a substantial portion of their daily income to commuting.
Beyond transport, the broader economy braces for a renewed wave of inflation as logistics costs escalate for moving food, raw materials, and finished goods.
Households relying on petrol generators and small businesses grappling with backup power needs face tighter margins, threatening to push the cost of essential goods and services even higher.
