Outrage over N1,400/L petrol

A petrol station in Abuja

By Kayode Idowu

There is growing outrage among Nigerians as the price of Premium Motor Spirit, popularly known as petrol, has surged beyond N1,400 per litre in several parts of the country, triggering fresh concerns over transportation costs, food prices and the worsening cost-of-living crisis.

The latest increase has been particularly pronounced in Abuja, where some filling stations are selling petrol for between N1,395 and N1,450 per litre. In Lagos, prices have also climbed to about N1,400 at some outlets.

The development has sparked anger among motorists, commuters and households already struggling to cope with rising prices of essential goods and services.

A market survey in Abuja showed that MRS outlets increased their pump price from N1,350 to N1,395 per litre, while NIPCO stations raised theirs to N1,430. Some Mobil outlets were selling at N1,400, while other stations in Gwarinpa and Dawaki were reportedly dispensing the product at as much as N1,450 per litre.

The latest increase followed an N85 per litre adjustment in the gantry price of petrol by Dangote Petroleum Refinery, from N1,265 to N1,350 per litre.

The refinery’s latest adjustment has been attributed to rising international crude oil prices and pressures in the global petroleum market, particularly amid heightened tensions around the Middle East and the Strait of Hormuz.

However, Nigerians have expressed frustration that the burden of every increase in the international oil market appears to be transferred almost immediately to consumers, while households have little protection against the resulting rise in the cost of living.

Motorists said the latest development would inevitably translate into higher transport fares, while traders and manufacturers warned that increased logistics costs could further push up the prices of food, medicines and other essential commodities.

The concern is particularly significant because petrol remains central to Nigeria’s transportation and informal economic activities. Millions of households depend on petrol-powered vehicles and generators, meaning that an increase in pump prices has consequences far beyond the filling station.

Some Nigerians questioned how families already struggling with high food prices, rent, school fees and other expenses could absorb another significant increase in the cost of petrol.

The renewed anger has also revived calls for the Federal Government to intervene urgently and prevent what many described as an unchecked escalation of fuel prices.

The Independent Petroleum Marketers Association of Nigeria, IPMAN, had previously appealed to the Federal Government to broker an arrangement with the Dangote Refinery to moderate petrol prices.

Industry stakeholders have argued that while market forces and international crude prices influence the cost of petrol, government should explore measures capable of cushioning the effect on Nigerians.

For many citizens, the central issue is no longer simply the price displayed on the fuel pump but the chain reaction that follows every increase.

Transport operators are expected to review their fares to reflect the higher cost of fuel, while businesses that rely on petrol-powered generators and vehicles are likely to face higher operating expenses. These additional costs could eventually be passed on to consumers.

The latest development also comes against the background of the Federal Government’s 2023 removal of petrol subsidy, a policy that fundamentally changed the country’s fuel-pricing structure. Since then, Nigerians have been exposed more directly to movements in crude oil prices, exchange rates, logistics expenses and other market forces.

Although supporters of the subsidy removal have maintained that the policy was necessary to reduce government expenditure and encourage investment in the petroleum sector, critics argue that the government must do more to protect citizens from the severe consequences of escalating energy costs.

With petrol now approaching N1,500 per litre in parts of Abuja, Nigerians are increasingly asking the Federal Government to act before the latest increase triggers another wave of price hikes across the economy.

They are calling for urgent engagement with refiners, marketers and other stakeholders to explore ways of reducing the pump price, while also demanding stronger measures to stabilise the downstream petroleum sector.

For ordinary Nigerians, the demand is straightforward: government must intervene before the rising cost of petrol further erodes household incomes and pushes more families into economic hardship.

As motorists queue at filling stations and businesses calculate the implications of another fuel-price increase, anxiety is mounting that the latest adjustment may not be the last.

The immediate fear among consumers is that if the current trend continues unchecked, petrol could soon cross the N1,500-per-litre threshold in more parts of the country, with far-reaching consequences for an economy already battling high living costs.