Nigerians are grappling with yet another rise in fuel prices, leaving many concerned about its ripple effects on daily living. Both Dangote Refinery and the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) have pointed to higher global crude oil prices as the primary reason behind the increase.

On Friday, fuel prices jumped nationwide. Dangote Refinery raised its ex-depot price of petrol from ₦899.50 to ₦950 per litre, leading to retail prices between ₦970 and ₦1,150 per litre. For instance, MRS stations, which source directly from Dangote Refinery, now sell petrol at ₦970 per litre. Meanwhile, stations under the Nigerian National Petroleum Company Limited sell at ₦999 per litre, with other outlets charging as high as ₦1,150.

Dangote Refinery explained that the cost of Brent crude oil, a key ingredient in petrol production, rose from $70 to $82 per barrel. This increase, coupled with logistics expenses, directly impacts the price of petrol. However, the refinery stated it has absorbed half of the added costs to limit the price hike. Without this, petrol could have been sold for as much as ₦1,200 per litre in some areas.

PETROAN also pointed to the international crude oil market, emphasizing that local prices are inevitably influenced by global trends.

For many Nigerians, the rising fuel costs mean higher prices for food and transportation, both of which are already expensive. The Nigeria Labour Congress has warned that this latest hike will worsen inflation and further weaken the naira.

Abuja resident Suleiman Abubakar shared his concerns, saying, “The coming days will be tough. With higher fuel prices, food and transport costs will increase too. It’s hard to see Dangote and marketers blaming crude oil prices while Nigerians suffer.”

Despite assurances from fuel marketers that they are minimizing the impact, the reality for most Nigerians is an increasingly challenging cost of living.