The Digest:
Nigerians face deepening hardship as petrol prices soared to N1,300 per litre on Monday, a 24% jump from N1,050, following the consistent rise in crude oil prices to $110 per barrel amid the escalating Middle East crisis. Diesel prices also surged to N1,380 per litre at MRS outlets, while NNPC sold at N1,680 in Lagos. Dangote Refinery adjusted its gantry prices to N1,175 for petrol and N1,620 for diesel—the fourth increase in two weeks. Transport fares have risen by over 50% in Lagos and Abuja, with some routes doubling. PETROAN warned petrol could hit N2,000 if the war persists. The refinery's MD assured a steady supply, stating Nigeria enjoys "fuel abundance", not scarcity. Energy experts note domestic refining cushions about 20% of price shocks, but without it, Nigerians would feel the full global volatility. Meanwhile, the US issued a terror threat warning for American facilities and schools in Nigeria.
Key Points
- Petrol now N1,300/litre (up from N1,050), diesel N1,380 - N1,680.
- Crude hits $110 as Middle East war escalates.
- Transport fares have risen by 50-100% in Lagos, Abuja, and Ibadan.
- PETROAN warns petrol could hit N2,000 if war persists.
- Dangote Refinery assures steady supply, says Nigeria has "fuel abundance."
- US warns of possible terror threat against American facilities, schools in Nigeria.
Sources: Market Survey, Industry Sources
