Businesses across Nigeria are bracing for a possible rise in inflation following the increase in petrol prices to about ₦1,300 per litre in several parts of the country.
Economists and members of the Organised Private Sector warned that the development could drive up operational costs, forcing many companies to review their pricing structures amid rising transportation, logistics, and production expenses.
The hike followed an upward adjustment by the Dangote Petroleum Refinery, which raised its gantry price for Premium Motor Spirit (PMS) from ₦995 to ₦1,175 per litre, the third increase recorded within a week amid volatility in the global oil market.
Following the adjustment, many filling stations reviewed their pump prices, with petrol now selling between ₦1,250 and ₦1,400 per litre in some locations across the country.
Business leaders cautioned that the development could lead to higher transport fares, increased food prices, and rising production costs, further worsening inflationary pressure on the economy.
Economic analysts also noted that Nigeria remains vulnerable to fluctuations in the global oil market, especially during periods of geopolitical tension when increases in international crude prices often translate into higher domestic fuel prices.
Meanwhile, labour unions have criticised the repeated adjustments in petrol prices, describing the situation as worsening the cost-of-living crisis confronting many Nigerians.
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