Fuel Price Spikes to ₦1,330 Per Litre in Abuja

The pump price of Premium Motor Spirit (PMS), commonly known as petrol, has risen to about ₦1,330 per litre in parts of Abuja, sparking fresh concerns among motorists and residents over the rising cost of living.

Checks at several filling stations across the Federal Capital Territory on Tuesday showed that independent marketers have adjusted their pump prices upward, with some outlets selling petrol at ₦1,330 per litre, one of the highest retail prices recorded in the city in recent weeks.

The latest increase marks another sharp jump in fuel prices following earlier adjustments that saw petrol selling between ₦1,000 and ₦1,100 per litre in the capital.

Industry stakeholders say the increase reflects the realities of Nigeria’s deregulated downstream petroleum sector, where pump prices are largely determined by market forces, including global crude oil prices, exchange rates, and supply costs.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has previously stated that fuel prices may continue to fluctuate under the deregulated system, as marketers are allowed to adjust prices based on prevailing market conditions.

Motorists in Nigeria expressed frustration over the latest development, noting that the rising fuel cost is already affecting transportation fares and the prices of goods and services.

Commercial drivers in Abuja said the new price may force them to increase transport fares in order to remain in business. Some residents also warned that the development could further worsen inflation and place additional pressure on households already struggling with high living costs.

Economic analysts say petrol price increases often have a ripple effect across the economy because fuel plays a critical role in transportation, logistics, and electricity generation for many businesses.

Observers warn that unless supply improves or global oil prices ease, fuel prices may continue to fluctuate in the coming weeks.