Rising petrol prices are piling fresh pressure on Nigerian households, with pump rates in Abuja and surrounding areas climbing to between ₦1,310 and ₦1,345 per litre in the past two weeks, raising fresh concerns over transport costs, food prices and the spending power of workers.
The latest increases followed adjustments by the Nigerian National Petroleum Company Limited, MRS, Ranoil and other retail outlets, where petrol prices rose by between ₦20 and ₦80 per litre. The changes came after the Dangote Refinery increased its gantry price by ₦65 per litre, adding another layer of pressure to the domestic fuel market.
For many Nigerians, the development comes at a time when household budgets are already strained by higher transport fares, energy costs and food prices. The impact is particularly significant for workers earning the ₦70,000 national minimum wage, as a larger share of monthly income is now required to meet basic mobility and energy needs.
Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, joined the debate on Tuesday, questioning why petrol remains considerably more expensive in Nigeria than in several other oil-producing countries despite the country’s petroleum resources.
In a statement issued by his media team, Atiku cited petrol prices in Angola, Algeria, Saudi Arabia, Kuwait and the United Arab Emirates, arguing that those countries have adopted different approaches to reduce the energy burden on their citizens. He placed the comparative prices at about ₦441 per litre in Angola, ₦475 in Algeria, ₦778 in Saudi Arabia and ₦872 in Kuwait, while noting that Nigeria’s pump price is approaching ₦1,400 per litre.
Atiku also linked the fuel price increases to the wider cost-of-living challenge, saying Nigerians have faced more than three years of rising transport fares, food costs and declining purchasing power. He questioned the effectiveness of economic policies if improvements in headline economic indicators do not translate into greater financial relief for households.
The renewed debate now places attention on how the Federal Government and operators in the petroleum sector intend to balance market pricing with the economic realities facing consumers. With petrol influencing transportation, production and distribution costs across the economy, further price movements are likely to remain a major concern for households and businesses.
