Abuja: The continuous surge in fuel prices within the Federal Capital Territory (FCT) has intensified financial pressure on households, making the daily search for affordable petrol increasingly difficult for local motorists. Across the FCT, motorists are now paying between N1,280 and N1,350 per litre following a series of upward adjustments in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol.
According to News Agency of Nigeria, the current ex-depot (gantry) price of petrol from the Dangote Petroleum Refinery ranges between N1,265 and N1,290 per litre, pushing retail pump prices to roughly N1,310 to N1,400 per litre across Nigeria. The latest increase has not only raised transportation costs but also heightened fears of further increases in the prices of food and other essential commodities, as businesses and households struggled to absorb the additional cost.
Brent crude trades at approximately 95.85 dollars to 96.28 dollars per barrel, driven higher by ongoing geopolitical tensions in the Middle-East. Checks by the News Agency of Nigeria show that filling stations across Abuja have adjusted their pump prices upward. Independent and major marketers such as TotalEnergies, Eterna, Gegu Oil, Nipco, and AY Shafa are retailing petrol between N1,280 and N1,350 per litre.
For motorists already grappling with rising food, transportation and household expenses, the latest increase represents another unwelcome strain. Mr. Olusegun Abbas, a motorist in Gwarinpa, said he purchased petrol at N1,320 per litre. Abbas said the persistent increase in fuel prices was putting growing financial pressure on families and making it increasingly difficult for many Nigerians to meet their basic needs.
For Mr. Adewale Salau, who bought petrol at N1,310 per litre at Gegu filling station in Dutse, the effect of the increase goes far beyond the cost of filling his vehicle. He expressed his concerns about not being able to feed his children three times a day due to the high cost of goods, attributing it to the rise in fuel prices. Salau urged the Federal Government to urgently intervene by stabilising fuel prices.
In Kubwa, Mr. Stanley Okezie reported purchasing petrol at N1,350 per litre. He warned that the rising cost of petrol would inevitably push up food prices as traders seek to recover increased transportation expenses. Okezie called on the Federal Government to intervene and stabilise fuel prices to ease the economic burden on Nigerians.
Mr. Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the latest increase to a series of price adjustments by Dangote Refinery. He noted that the frequent changes were creating uncertainty for both marketers and consumers.
Dr. Aliyu Ilias, a development expert, expressed serious economic concerns about the latest hike, warning of severe consequences for households and businesses. He urged the Federal Government to act swiftly to address the persistent increases and find a lasting solution to the problem.
Meanwhile, oil and gas expert Mr. Chinedu Okoronkwo attributed fluctuations in the pump prices of Premium Motor Spirit (PMS) to volatility in the international crude oil market. He stated that the current movement in crude oil prices was largely driven by speculation arising from renewed tensions between the U.S. and Iran.
For average drivers, the issue was no longer just the rising cost of fuel but a broader struggle for survival. As petrol prices continue to fluctuate, FCT residents and drivers look to the authorities for measures to stabilise the market and ease their financial burden.