By Matthew Denis
Fuel prices across the Federal Capital Territory (FCT) surged to new highs this weekend, with major filling stations adjusting their pumps to between N1,000 and N1,080 per liter.
The sharp increase follows a turbulent week in global energy markets sparked by the escalating military conflict involving the United States, Israel, and Iran.
A survey conducted at major outlets, including NNPC Ltd, AA Rano, Total, and NIPCO revealed that the state-owned NNPC Ltd has hiked its retail price to approximately N1,040 per liter, up from N993 earlier in the week.
Other independent stations such as Empire and Gegu Oil reported prices as high as N1,080 per liter, while MRS filling stations signaled imminent reviews following a reported gantry price hike of N121 per liter by the Dangote Refinery on Sunday.
The hike is largely attributed to the disruption of global supply chains in the Middle East.
Brent crude prices surged by 9 percent this morning, trading above $93 per barrel as threats to the Strait of Hormuz, a chokepoint for 20 percent of the world’s oil sent jitters through the downstream sector.
The new price regime has triggered widespread lamentation among residents. Mrs. Maryam Yusuf, a local businesswoman, expressed concern that the transport sector would pass these costs directly to consumers. “With my husband’s salary barely keeping pace with inflation, I often have to choose between meals and essential household items,” she shared.
Similarly, Mrs. Eno Obot, a civil servant and mother of four residing in Dutse Alhaji, revealed she has been forced to park her car. “Driving to work and back now consumes N10,000 in fuel daily. It is simply unbearable,” she said.
Human rights lawyer Deji Adeyanju has condemned the price adjustments, particularly criticizing the Dangote Refinery’s role.
In a statement issued in Abuja, Adeyanju described the hike as “exploitative,” arguing that the justification linking prices to the Gulf region conflict is flawed.
”The Dangote Refinery purchases crude oil domestically in naira following President Tinubu’s approval,” Adeyanju noted.
He argued that since the products currently being distributed were refined before the recent escalatio ftn of hostilities, Nigerians should not be made to pay a premium based on external geopolitical events.
Adeyanju further warned that the refinery’s “near-monopoly status” has left citizens vulnerable to arbitrary pricing, urging the government to intervene.
As the US-Iran war continues to pressure global benchmarks, analysts warn that domestic petrol prices could see further volatility in the coming days unless global supply routes stabilize.