The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has risen sharply in parts of Abuja, with some filling stations now selling the product for as much as N1,430 per litre amid worsening tensions around the Strait of Hormuz.
The latest increase comes as the global oil market continues to react to the escalating crisis in the Middle East, raising fresh concerns over the potential impact on fuel prices and transportation costs in Nigeria.
The News Chronicle gathered that several filling stations across the Federal Capital Territory had adjusted their pump prices upward, with motorists confronted with varying prices depending on the outlet.
The development has heightened concerns among consumers, particularly as any sustained rise in the cost of petrol could trigger further increases in transportation fares and the prices of goods and services.
The Strait of Hormuz, a major global oil shipping route, has become a focal point of the escalating Middle East crisis. Disruptions around the waterway have heightened concerns over global crude supplies, shipping costs and insurance premiums.
The latest development also comes against the backdrop of significant volatility in Nigeria’s downstream petroleum market. Earlier reports indicated that the Dangote Refinery had reduced its petrol price to N1,075 per litre, while diesel was adjusted to N1,430 per litre.
However, rising international crude prices and disruptions to global energy supply chains could continue to exert pressure on domestic fuel prices despite increased local refining capacity.
The situation is likely to put further pressure on Nigerian households and businesses already grappling with elevated transportation and operating costs as the global crisis unfolds.
