Petrol prices have surged to nearly ₦1,400 per litre across parts of Nigeria, prompting the Nigeria Labour Congress (NLC) and the Organised Private Sector (OPS) to call for urgent government intervention amid fears of rising inflation, job losses, and business closures.
The increase follows multiple price hikes by the Ɗangote Petroleum Refinery, with ex-depot prices now around ₦1,275 per litre. Pump prices rose from about ₦1,240 to as high as ₦1,400, with higher costs reported in the North.
Analysts link the surge to rising global oil prices driven by tensions in the Middle-East, warning prices could climb further if the crisis persists. Petrol has risen by about ₦500 from an average of ₦839 recorded before late February.
Stakeholders urged the Federal Government to provide relief through tax cuts, Naira-based crude supply, and temporary subsidies, while pursuing long-term energy reforms.
The NLC blamed alleged monopoly in the downstream sector for the hikes, describing it as a “seller’s market” where dominant players dictate prices. It also called for collective action to challenge pricing control.
Also, business groups, including the Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA), warned that high fuel costs are squeezing businesses, shrinking profit margins, and worsening the cost-of-living crisis. They attributed the trend to global crude prices and multiple taxes on refiners.
Regulators and marketers, however, ruled out price capping, citing Nigeria’s deregulated petroleum market.
Meanwhile, a drop in global oil prices to about $98 per barrel has raised hopes of a possible easing in petrol prices if sustained.
