BREAKING: Petrol hits N1,430 in Abuja as Strait of Hormuz Crisis worsens

Petrol prices in Abuja have surged to N1,430 per litre as the Strait of Hormuz crisis escalates, according to recent reports. Filling stations across the Federal Capital Territory (FCT) have been raising their pump prices in response to a N85 increase in Dangote Petroleum Refinery’s gantry price, which rose from N1,265 to N1,350 per litre.

This 6.7 per cent boost pushes the refinery’s wholesale price beyond the current petrol landing cost of N1,311 per litre. Concerns are growing over the potential impact of this price hike on motorists, transportation costs, and household budgets. Some retailers, such as MRS, NIPCO, and Mobil outlets, have already adjusted their petrol prices upward, with motorists now paying N1,395, N1,430, and N1,400 per litre respectively.

An economist warns that the rising petrol prices could exacerbate inflation and deepen economic hardship for Nigerians, as higher transportation and production costs may soon be reflected in the inflation figures. Consumer protection advocates argue that Nigeria should take stronger measures to shield consumers from the effects of global oil price fluctuations, rather than simply transferring these costs to the public through arbitrary petrol price increases.