Harry Archie
The recent increase in international crude oil prices above $100 per barrel has pushed petrol prices higher across Nigeria, adding to the financial pressure on households, transporters and businesses.
Major fuel marketers have increased their pump prices. MRS stations are now selling petrol at about N1,400 per litre, up from N1,300.
NNPC stations have also moved their price to N1,375 per litre, while some independent marketers are selling at around N1,400.
The latest increase followed a rise in the petrol price at the Dangote Petroleum Refinery to N1,350 per litre.
The development reflects the effect of higher crude oil prices and rising costs across the fuel supply chain.
Transport operators are expected to face higher operating costs, which could lead to increased fares for buses, taxis, tricycles and other petrol-powered vehicles.
Commuters, including workers and students, are likely to feel the impact as they spend more money on transportation.
The increase could also affect food and other essential goods because higher transport costs usually increase the cost of moving farm produce, raw materials and finished products.
Businesses that rely on petrol generators may also face higher operating expenses, further reducing their profit margins.
