Petrol Hits N1,400/L in Nigeria, Deepening Cost-of-Living Crisis
The steady rise in Premium Motor Spirit (PMS), commonly known as petrol, has pushed pump prices to as high as N1,400 per litre across Nigeria. This surge, driven by crude oil prices nearing $120 per barrel amid the Middle East crisis, is intensifying hardship for transporters, commuters and small businesses. Major cities report rates between N1,310 and N1,400 per litre. In Lagos, commercial drivers now spend over N20,000 daily on fuel, compared to about N9,000 when petrol sold at N800. In Kano, prices reached N1,390, forcing tricycle operators to hike fares by as much as 300%. Across Abuja, Kwara, Port Harcourt and Yenagoa, both pump and black-market rates continue to climb. Commuters say fares have doubled, while household budgets and business costs strain under the weight of rising transport expenses.
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