Motorists groan, commuters fear fare hike as fuel hits N975

From Adanna Nnamani, Abuja

Motorists woke up to another price shock on Tuesday as major fuel retailers, including NNPC Limited and MRS Oil Nigeria Plc, adjusted their pump prices of Premium Motor Spirit (PMS) to N975 per litre.

The fresh hike follows a N100 upward review in the ex-depot price by Dangote Petroleum Refinery & Petrochemicals, a development that has triggered immediate adjustments across filling stations.

Findings in Abuja showed that NNPC Retail outlets and MRS stations raised their pump price from N875 per litre to N975 within 24 hours. Several independent marketers also adjusted their rates upward, with some selling at N960 per litre.

Industry sources attributed the refinery’s decision to increase its gantry price from N774 to N874 per litre due to rising global crude oil prices, which recently crossed the $80 per barrel mark, as well as mounting replacement costs.

The upward review reportedly led to a temporary halt in petrol loading operations, creating uncertainty in the downstream market and prompting some depot owners to delay sales.

At various filling stations in the Federal Capital Territory, motorists expressed anger and frustration over the sudden hike.

“I bought fuel yesterday at N875 per litre, and this morning it is N975. How do you plan in this country? Every increase affects us directly. If we don’t raise transport fares, we run at a loss,” Mr. Chinedu Okeke, a commercial driver lamented.

Commuters also voiced concern over the possible ripple effect on transportation and the cost of living.

A civil servant, said Mrs Aisha Ladan said:

“I’m already struggling with transport fare to work. If fuel is almost N1,000 per litre, it means fares will go up again. Things are becoming unbearable.”

Economic analysts warn that the latest development could worsen inflationary pressures, as transporters and businesses adjust their prices to reflect higher operating