Petrol prices have currently jumped to N1,470/litre across some areas of the Federal Capital Territory and across the nation.
The means that that the surge is set to put fresh pressure on transportation, food prices and household budgets across Nigeria.
The latest increase followed another adjustment in petrol prices by major marketers after the Dangote Petroleum Refinery raised its gantry price by ₦85, from ₦1,265 to ₦1,350 per litre. Pump prices have consequently risen across several locations, with petrol now approaching ₦1,500 per litre in parts of the country.
In Kano, for instance, motorists reported buying petrol at about ₦1,470 per litre, while prices in Abuja and other major cities have also moved upwards. However, pump prices continue to vary by location and filling station.
Atiku questions Tinubu’s govt on petrol subsidy savings
Former Vice President Atiku Abubakar expressed concern following the rise in gasoline prices to N1,470 per litre.
In a statement issued by his media aide, Phrank Shaibu, Atiku stated that the increase in fuel prices has further exacerbated the cost of living for Nigerians.
He noted that each increase in petrol pump prices directly impacts household budgets across Nigeria, with the sharpest effects seen in food and transportation costs.
Atiku questioned the rationale behind removing fuel subsidies when the resulting savings have not been utilized to alleviate the economic hardship faced by Nigerians.
He said, “Petrol at N1,470 per litre is not merely a figure at the filling station. It enters the price of transportation, food, school runs, farming, manufacturing and virtually everything Nigerians buy. Every increase at the pump travels directly into the household budget.
“After all the pain imposed on Nigerians, they have a right to ask: where are the subsidy savings and where is the money?”
Backstory…
Recall that on September 11, Nigerian petroleum product traders, marketers, depot owners and refiners had announced that they are considering another petrol price hike as crude oil prices climb above $105 per barrel.
According to source’s survey of crude oil prices on Friday, West Texas Intermediate (WTI) and Brent crude traded at $105.5 and $100.8 per barrel, respectively. Brent crude had reached $107 per barrel on Thursday before falling to $105.5 per barrel on Friday.
Price Comparisons
The United States and Iran have launched retaliatory strikes on tankers amid their struggle for control near the Strait of Hormuz, pushing crude oil prices higher.
Read Also: Fresh Petrol Price Hike Looms as Crude Oil Surges Above $105
