From Abdullateef Aliyu and Dotun Omisakin, Lagos; Ahmad Datti, Kano; Mumini Abdulkareem, Ilorin; Bassey Willie, Port Harcourt; and Philip Shimnom Clement, Abuja.
The ongoing escalation in the price of Premium Motor Spirit (PMS), popularly known as petrol, has deepened economic challenges throughout Nigeria, with rates soaring to approximately N1,400 per litre in many locations. This surge has caused significant concern among transport operators, commuters, and businesses alike.
Recent reports from key cities reveal that the latest rise in prices, largely attributed to increases in crude oil costs, is diminishing household incomes, inflating transportation fares, and making life more difficult for millions of Nigerians.
As the price of crude oil reached nearly $120 per barrel last week before settling at $112 over the weekend due to the ongoing crisis in the Middle East, Dangote raised its gantry prices from N1,175 to N1,245 per litre.
In reaction to these latest developments, fuel marketers have modified the pump prices nationwide, which now range from N1,310, N1,325, N1,370 to N1,400 per litre, based on geographic locations.
In Lagos, drivers report that the swift rise in petrol costs is diminishing their profit margins and jeopardizing their livelihoods. Over the weekend, prices at various fuel stations fluctuated between N1,320 and N1,330, with some outlets briefly reaching as high as N1,380 before settling back down.
Filling stations managed by the Nigerian National Petroleum Company Limited (NNPCL) have increased their prices on two occasions within a short span, reflecting the instability in the fuel sector.
Toheeb Sulaimon, a commercial driver on the Ogba–Ikeja route, lamented that his daily earnings have taken a severe hit due to surging fuel prices and dwindling passenger numbers.
"When fuel was around N800 per litre, I could spend about N9,000 on fuel and still make up to N30,000 in a day. Now, everything has changed. The cost has doubled, but passengers are fewer," he shared.
Another driver, Maduka Chibo, mentioned that his daily fuel expenses have skyrocketed to over N20,000, compared to approximately N10,000 when petrol was priced at N800 per litre.
In Northern cities, petrol prices have surged to as high as N1,390 per litre in Kano, with many independent marketers adjusting their prices upward due to increased supply costs.
Stations like AA Rano have raised their prices from around N1,330 to between N1,385 and N1,390 per litre.
This rise in fuel prices has resulted in a cascading effect on transport systems, leading to significant fare increases for commercial tricycle operators.
Ismail Mabo, a resident, recounted being charged N4,000 for a journey that typically costs about N1,000, charging operators with capitalizing on the situation.
Abba Kabir, another citizen, expressed concern that persistently rising fuel prices could push many car owners to abandon their vehicles altogether.
"At this rate, people will stop using their cars. Some may even convert them for commercial purposes just to cope," he warned.
In Abuja, the price at fuel stations has also surged, with several outlets now pricing petrol between N1,361 and N1,370 per litre. This increase follows a new pricing guide from MRS Oil Nigeria Plc, establishing a new market benchmark, with pump prices set at N1,332 per litre.
In Ilorin, Kwara State, similar increases have been recorded, with petrol prices ranging from N1,295 to N1,343 per litre, depending on the seller.
Residents are voicing their frustrations, with civil servant Oladuni Lateefat noting that her family's daily expenses have increased dramatically.
"What used to suffice with N4,000 daily is no longer adequate. Transportation costs alone consume a significant part of our income," she stated, adding that she may have to stop using her car.
Businesses are also feeling the pinch; a cement retailer in Ilorin reported that rising fuel costs have already pushed cement prices up by N500, with prospects for further hikes looming.
In Port Harcourt and Yenagoa, petrol prices have climbed to between N1,300 and N1,400 at official outlets, with black market prices reaching as high as N1,800 per litre. This price gap has added to the stress on residents, especially in areas with limited access to official fuel stations.
Commuters in these regions are experiencing fare increases, with previous rates of N300 to N400 now jumping to around N700, illustrating the direct impact of fuel costs on transport services. Additionally, inter-state transport costs have surged, with trips from Yenagoa to Uyo climbing from roughly N9,000 earlier this year to N11,000.
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