Transport fares have risen across parts of Nigeria as petrol prices climbed to as high as N1,400 per litre, following a surge in global crude oil prices and an increase in Dangote Refinery’s ex-depot price to N1,215 per litre.
Transport fares have risen again in parts of the country as petrol prices climbed to as high as N1,400 per litre, Daily Trust reports.
Daily Trust reports that the latest increase followed a surge in global crude oil prices, with Brent crude rising above $100 per barrel amid renewed tensions in the Middle East.
Fresh loading data obtained from petroleum marketers showed an upward movement in ex-depot prices across Lagos, Warri and Calabar. In Lagos, A.A. Rano increased its ex-depot price from N1,275 to N1,279 per litre, while African Terminal, Ascon, Gulf Treasure, Integrated and T.Time hiked their rates to N1,275. Aiteo, Heyden and Nipco maintained existing prices, while Emadeb reduced its rate slightly to N1,274 per litre.
Dangote Refinery, the dominant fuel supplier, resumed gantry loading of Premium Motor Spirit in naira on Thursday after a week-long suspension, raising its ex-depot petrol price to N1,215 per litre — a 13.02 per cent rise from the previous N1,075. The refinery had cited difficulties accessing sufficient crude under the naira-for-crude arrangement to justify introducing dollar-based transactions, under which PMS sold at $0.779 per litre, diesel at $1.087, and Jet A1 at $0.942.
Residents lamented that marketers are quick to raise prices but slow to lower them, noting that despite Brent crude previously falling to $70 per barrel, PMS never dropped below N1,000.
In the FCT, civil servant Grace Okeke said, “My salary has not changed, but I now spend much more just getting to work and back. It is becoming impossible to survive in Abuja.”
Another resident, Musa Ibrahim, warned that higher transport costs would push up food prices, as “farmers, traders and transporters will simply transfer the additional cost to consumers.”
Commercial drivers described feeling helpless amid the price swings, with taxi operator Emmanuel Ujah noting the uncertainty disrupts daily business planning.
Commuters reported paying between 20 and 40 per cent more on several Abuja routes compared with a few weeks ago.
Source: Daily Trust.
HEADLINE OPTIONS:
- Petrol Hits N1,400/Litre as Transport Fares Surge Nationwide
- Fuel Price Hike: Abuja Commuters Groan as Fares Jump Up to 40%
- Dangote Refinery Resumes Naira Loading, Hikes Petrol Price to N1,215/Litre
SHORT HEADLINE: Petrol Hits N1,400/Litre, Transport Fares Rise Nationwide
ONE-SENTENCE SUMMARY: Transport fares have risen across parts of Nigeria as petrol prices climbed to as high as N1,400 per litre, following a surge in global crude oil prices and an increase in Dangote Refinery’s ex-depot price to N1,215 per litre.
Transport fares have risen again in parts of the country as petrol prices climbed to as high as N1,400 per litre, Daily Trust reports.
The latest increase followed a surge in global crude oil prices, with Brent crude rising above $100 per barrel amid renewed tensions in the Middle East.
Fresh loading data obtained from petroleum marketers showed an upward movement in ex-depot prices across Lagos, Warri and Calabar. In Lagos, A.A. Rano increased its ex-depot price from N1,275 to N1,279 per litre, while African Terminal, Ascon, Gulf Treasure, Integrated and T.Time hiked their rates to N1,275. Aiteo, Heyden and Nipco maintained existing prices, while Emadeb reduced its rate slightly to N1,274 per litre.
Dangote Refinery, the dominant fuel supplier, resumed gantry loading of Premium Motor Spirit in naira on Thursday after a week-long suspension, raising its ex-depot petrol price to N1,215 per litre — a 13.02 per cent rise from the previous N1,075. The refinery had cited difficulties accessing sufficient crude under the naira-for-crude arrangement to justify introducing dollar-based transactions, under which PMS sold at $0.779 per litre, diesel at $1.087, and Jet A1 at $0.942.
Residents lamented that marketers are quick to raise prices but slow to lower them, noting that despite Brent crude previously falling to $70 per barrel, PMS never dropped below N1,000.
In the FCT, civil servant Grace Okeke said, “My salary has not changed, but I now spend much more just getting to work and back. It is becoming impossible to survive in Abuja.”
Another resident, Musa Ibrahim, warned that higher transport costs would push up food prices, as “farmers, traders and transporters will simply transfer the additional cost to consumers.”
Commercial drivers described feeling helpless amid the price swings, with taxi operator Emmanuel Ujah noting the uncertainty disrupts daily business planning.
Commuters reported paying between 20 and 40 per cent more on several Abuja routes compared with a few weeks ago.
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