The price of Premium Motor Spirit (PMS), commonly known as petrol, has risen significantly across Nigeria, with major oil marketers, including MRS, adjusting their pump prices. In Lagos, petrol is now selling for N930 per litre, while in the northern region, it has surged to N960 per litre. This increase follows recent fluctuations in the petroleum market, driven by factors such as exchange rate volatility and supply chain disruptions.
The sharp rise in petrol prices comes despite earlier reductions by Dangote Refinery, which had lowered its ex-depot price to N890 per litre in February. However, this relief was short-lived as independent marketers adjusted their prices upwards due to logistics and distribution costs. The current hike has put additional strain on businesses and consumers, further exacerbating inflationary pressures in the country.
In response to the rising costs, transport fares have also been affected, leading to increased expenses for commuters. Many Nigerians, already struggling with high living costs, are now facing further economic hardship. Some transport unions have hinted at possible fare adjustments, which could make daily commuting even more expensive for the average citizen.
Industry analysts attribute the price hike to a combination of global crude oil prices, forex challenges, and the high cost of importing refined petroleum products. With Nigeria still dependent on fuel imports despite having refineries, any fluctuations in the international oil market have a direct impact on local pump prices. Experts have urged the government to accelerate local refining capacity to reduce reliance on imports and stabilize fuel costs.
As petrol prices continue to rise, the Nigerian government and relevant stakeholders may need to implement urgent interventions. Possible solutions include strategic fuel subsidies, improved forex availability for importers, and faster operationalization of local refineries. Until then, Nigerians may have to brace for further increases in fuel prices and the resulting economic challenges.
