The Digest:
Petrol prices in Abuja have remained elevated for the second consecutive week, with filling stations selling Premium Motor Spirit (PMS) between N1,364 and N1,372 per litre. Checks on Monday showed NIPCO sold petrol at N1,372 per litre, representing an increase of N77 per litre or about six percent compared to the previous week's average of N1,295 per litre. NNPC Retail sold at N1,364 per litre. The price hike follows a rise in global crude oil prices to about $126 per barrel amid escalating geopolitical tensions in the Middle East, particularly the Strait of Hormuz disruption.
Key Points:
- Abuja motorists now pay up to N1,372 per litre, a N77 increase in one week.
- Global crude oil prices have surged to $126 per barrel due to Middle East tensions.
- The Strait of Hormuz disruption threatens global oil supply routes.
- Dangote Refinery's gantry price increase to N1,275 has driven pump prices nationwide.
- Transport fares and goods prices are expected to rise following the fuel hike.
Sources: Vanguard News, Guardian
