Fuel prices hit ₦1,370 in Abuja
By Obas Esiedesa, Abuja
Petrol prices in Abuja have remained elevated for the second consecutive week, with filling stations selling Premium Motor Spirit (PMS) at between ₦1,364 and ₦1,372 per litre.
Checks on Monday showed that NIPCO sold petrol at ₦1,372 per litre, representing an increase of ₦77 per litre or about six per cent compared to the previous week’s average of ₦1,295 per litre.
Other stations, including AYM Shafa, MRS, and AA Rano, dispensed fuel at ₦1,370 per litre, while NNPC Retail sold at ₦1,364 per litre.
The price hike follows a rise in global crude oil prices, which climbed to about $126 per barrel amid escalating geopolitical tensions in the Middle East.
The situation has been linked to the breakdown of diplomatic efforts between the United States and Iran, raising concerns over possible supply disruptions in the global oil market.
A key pressure point is the Strait of Hormuz, through which a significant share of global crude oil shipments passes daily. Any disruption in the route has heightened fears of supply shortages and sustained price increases.
The development has also affected domestic pricing, as the Dangote Refinery recently increased its gantry price of petrol from ₦1,200 to ₦1,275 per litre, further driving up pump prices nationwide.
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