Nigerians are facing renewed pressure at the pump as petrol prices rise to around ₦1,400 per litre in Lagos and Abuja, with some stations in northern parts of the country reportedly selling at as much as ₦1,500 per litre. The latest increase has also pushed diesel prices above ₦2,000 per litre in some locations. According to Reuters, petrol prices in Lagos and Abuja have risen from roughly ₦1,200 per litre a month earlier. The increase has been linked partly to rising international crude oil prices amid tensions in the Middle East. The development has also renewed attention on the relationship between global oil prices and the Nigerian fuel market, despite the country’s expanding domestic refining capacity. The Dangote refinery is operating at a reported capacity of about 700,000 barrels per day, but higher crude costs have continued to influence domestic fuel prices. Reuters reported that the refinery recently increased its wholesale loading-bay price to about ₦1,350 per litre. The latest pump-price increase is already generating concern among motorists, transport operators and households because higher fuel costs can feed into transportation and the prices of goods and services. The Nigeria Labour Congress has called for measures to reduce the impact of rising fuel prices, including additional wage support and domestic crude supply arrangements. Meanwhile, Nigeria’s inflation rate eased slightly in August, according to figures cited by Reuters, but continued fuel-price increases could put renewed pressure on household spending. For many Nigerians, the immediate concern remains how much more they will have to spend on transportation and daily necessities if the upward movement in fuel prices continues.
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