Nigerians face another fuel price hike as the landing cost of petrol rises to ₦885/litre. With retail prices nearing ₦1,000/litre and Dangote Refinery halting naira sales, experts warn of worsening economic strain. Rising import costs and market shifts could further increase pump prices, adding to Nigeria’s inflation woes.
Nigerians may soon face another surge in petrol prices as the cost of importing Premium Motor Spirit (PMS) has risen sharply to ₦885 per litre. This marks a significant increase from the previous week, sparking concerns over further economic strain.
The Major Energy Marketers Association of Nigeria (MEMAN) disclosed this in its latest energy bulletin, noting that the current pump prices, which range from ₦940 to ₦970 per litre, could climb even higher due to rising import costs.
Adding to the uncertainty, Dangote Refinery, a key supplier in the local market, has adjusted its ex-depot price to ₦815 per litre. This change has pushed retail prices at MRS filling stations in Lagos and Abuja to between ₦860 and ₦880 per litre.
A major shift in policy by the refinery is also fueling concerns, as it recently announced that petroleum products will no longer be sold in naira. Experts warn that this move could introduce additional cost pressures, potentially driving pump prices above ₦1,000 per litre.
With fuel importation costs surging and market dynamics shifting, Nigerians are bracing for another round of price increases. The situation has heightened worries about inflation and economic hardships, as transportation and goods prices are expected to be affected by the looming petrol price hike.
