RESIDENTS of Abuja are facing fresh pressure on transportation costs as the pump price of petrol fluctuates between N1,270 and N1,330 per litre in parts of nation’s capital on Tuesday, March 10.
The hike in petrol price has attracted commensurate leap in transportation fares, as transport operators adjusted fares across major routes.
A survey conducted by The ICIR on Tuesday in Kuje Area Council shows varying pump prices across filling stations in the satellite community. At Bovas Filling Station, petrol was sold for N1,270 per litre, while AA Rano dispensed the product at N1,330 per litre.
At Kuje Oil and Gas, the product sold for N1,300 per litre as motorists scrambled to fill their tanks amid fears of further increases. The NNPC station in the town did not operate in the early hours when this survey was conducted.
Along the Airport Road, AYM Ashafa by City Gate dispensed the product for N1,330; Rainoil filling station in Dutse along Bwari road sold it for N1, 300 per litre: Nusynegy in Jikoyi sold at N1,090: while Fyne Field in Apo Resettlement dispensed at N1,350.
The new impact is already visible in the daily commute of residents across the capital city.
The ICIR reports that from Kuje to Lugbe which was previously N700, is now between N800 to N900 depending on the time of day and availability of vehicles.
From Kubwa to Berger, previously N800, is now N1,000. Commuting from New Yanya to Ministry of Finance which was until now N800 is currently N1,000. Apo Resettlement to Gudu which was previously N400 is now N500. Meanwhile, the fare from Gudu to Lugbe which was usually N500 jumped to N800 Tuesday morning due to unavailability of vehicles.
According to reports, commercial drivers said that the fare adjustment was unavoidable because of the fuel hike, noting that they would run at a loss if they failed to do so.
In addition to transport fare hike, it is expected that the increase in petrol price will affect the cost of food and other necessities, further worsening the conditions of millions of poor Nigerians.
The current fuel price hike is linked to the ongoing conflict involving Iran, the United States and Israel, which has disrupted global energy supply chains.
Attacks on oil facilities and shipping routes in the Gulf region have forced partial shutdowns of major energy infrastructure and disrupted transport through the Strait of Hormuz, a route responsible for about 20 per cent of the world’s oil supply.
These disruptions have triggered spikes in global oil prices, with crude briefly climbing above $100 per barrel during the escalation of the conflict.
The volatility in crude prices quickly affected petrol markets globally, including Nigeria, where domestic pump prices depend heavily on international benchmarks and refinery’s running costs.
On Tuesday, US President Donald Trump attempted to calm global markets, saying the war with Iran could end “very soon,” a remark that temporarily pushed oil prices lower after earlier spikes.
Trump’s comment triggered a reduction in global oil prices, with crude briefly reducing to $90 per barrel.
Trump had defended the surge in energy prices as a temporary consequence of the conflict, arguing that short-term economic pain was necessary for security and stability.
Despite the reassurance, analysts warn that the market remained volatile, especially with attacks on oil facilities and disruptions to shipping routes in the Middle East.
Energy experts said Nigeria was particularly vulnerable to global oil price shocks despite being an oil-producing country.
On Monday, March 9, The ICIR reported that a litre price of petrol might soon hit N1,500 in Nigeria after the Dangote Petroleum Refinery raised its ex-depot (gantry) price of petrol to N1,175 per litre.
The hike, the third recorded in a week, came shortly after reports indicated that another rise in petrol prices was likely, especially after the refinery briefly stopped petrol sales on Sunday.
This development has pushed retail prices upward across the country with industry experts warning that if the global crisis continues, petrol could climb even higher, potentially pushing transport fares and the general cost of living upward.
Nanji is an investigative journalist with the ICIR. She has years of experience in reporting and broadcasting human angle stories, gender inequalities, minority stories, and human rights issues. She has documented sexual war crimes in armed conflict, sex for grades in Nigerian Universities, harmful traditional practices and human trafficking.