By Rukevwe odeh

Many Nigerians are grappling with rising transportation and living costs following another increase in the pump price of Premium Motor Spirit (PMS), with petrol now selling for as much as N1,400 per litre in some parts of the country.

The latest price adjustment comes after a sharp rise in global crude oil prices, driven by renewed tensions in the Middle East. Brent crude has climbed above $100 per barrel, while West Texas Intermediate (WTI) has also recorded significant gains, putting additional pressure on Nigeria’s deregulated downstream petroleum market.

Industry data indicate that several petroleum depots have revised their ex-depot prices upward. At the same time, the Dangote Refinery resumed the sale of petrol in naira after a temporary suspension but increased its ex-depot price from N1,075 to N1,215 per litre, a move expected to influence pump prices across the country.

The impact is already being felt nationwide. In several states, filling stations are dispensing petrol between N1,260 and N1,400 per litre, forcing transport operators to review fares. Commuters in the Federal Capital Territory and other major cities say the rising cost of transportation is placing additional strain on household budgets.

Reports from different parts of the country show that petrol is selling above N1,300 per litre in many northern states, while prices in some southern cities have also increased significantly. Although transport fares have risen on many routes, operators in a few locations say they are still monitoring the market before implementing further increases.

Petroleum marketers say frequent fluctuations in fuel prices have created uncertainty in the downstream sector, making many dealers cautious about purchasing new supplies.

Energy experts attribute the latest increase to the country’s deregulated fuel market, where domestic prices are largely determined by international crude oil prices and exchange rate movements. They also note that challenges surrounding the Federal Government’s naira-for-crude arrangement have affected the supply of crude to local refineries.

Economic analysts have warned that continued increases in petrol prices could worsen inflation, raise the cost of goods and services, and further reduce the purchasing power of Nigerians unless measures are introduced to stabilise fuel supply and pricing.