By Osordi Ayomide
Fresh concerns have emerged across Nigeria following a sharp increase in petrol prices, with many citizens lamenting its impact on household incomes and business operations.
The development comes shortly after the Dangote Refinery adjusted its ex-depot price of Premium Motor Spirit (PMS) from ₦1,200 to ₦1,275 per litre, citing rising global crude oil prices and associated production costs.
However, independent checks on Thursday revealed that pump prices at several filling stations have risen beyond the reviewed rate, with petrol selling for between ₦1,300 and ₦1,335 per litre in parts of Lagos and other major cities. The rapid increase within 24 hours has triggered widespread public dissatisfaction.
Reacting to the development, journalist and broadcaster Rufai Oseni, in a video shared online, questioned the impact of recent economic reforms on Nigerians. He expressed concern over the pace of the increase, noting that the price jumped from about ₦1,225 to ₦1,335 within a day.
The latest hike underscores the realities of Nigeria’s deregulated downstream petroleum sector, where prices are largely influenced by international market conditions. With Brent crude oil trading above $110 per barrel, analysts say higher crude costs, foreign exchange challenges, and logistics expenses are driving domestic price adjustments.
Economic experts note that while the Dangote Refinery has improved local supply capacity, Nigeria remains exposed to global oil price volatility, limiting the immediate benefits of domestic refining.
The impact of the increase is already being felt across key sectors of the economy. Transport operators have begun adjusting fares, while traders warn of impending increases in the prices of goods and services. Small and medium-scale enterprises, many of which depend heavily on petrol-powered operations, are also facing rising costs.
Residents who spoke with news reporters expressed frustration over the situation, describing it as unpredictable and burdensome. A commercial driver in Lagos said the constant changes in fuel prices make it difficult to plan daily operations and sustain income.
Stakeholders in the oil and gas sector have called for measures to ease the burden on consumers, including improved access to locally produced crude and more efficient distribution systems.
While the Federal Government has maintained that fuel subsidy removal is essential for economic stability, many Nigerians say the immediate effect has been increased hardship, with no clear relief in sight.
As global oil prices continue to fluctuate, analysts warn that further adjustments in petrol prices may occur, leaving consumers and businesses to navigate an increasingly uncertain economic environment.