Connect with us

Business

JUST IN: Nigerian’s Woes Deepen As Fuel Price Hits Record High; DETAILS

Published

on

The steady rise in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, has intensified economic hardship across Nigeria, with prices climbing to nearly N1,400 per litre in several parts of the country, triggering widespread anxiety among transporters, commuters, and businesses.

Findings across major cities indicated that the latest surge, driven largely by rise in the price of crude oil, is shrinking incomes, inflating transport fares, and worsening the cost-of-living crisis for millions of Nigerians.

With the price of crude oil hitting almost $120 per barrel last week before settling at $112 over the weekend as the Middle East crisis rages, Dangote also adjusted its gantry price from N1,175 to N1,245 per litre.

In response to the latest increase, marketers also adjusted pump prices across the country with new prices ranging from N1,310; N1,325; N1,370 and N1,400 per litre depending on locations.

In Lagos, commercial drivers say the rapid increase in fuel prices is eroding their profits and threatening their livelihoods. At several filling stations, prices fluctuated between N1,320 and N1,330 over the weekend, with some outlets briefly selling as high as N1,380 before adjusting downward.

At stations operated by the Nigerian National Petroleum Company Limited (NNPCL), pump prices were revised upward twice within days, reflecting the volatility in the downstream sector.

Toheeb Sulaimon, a commercial driver operating along the Ogba–Ikeja route, said his daily earnings have dropped drastically due to rising fuel costs and declining passenger traffic.

“When fuel was around N800 per litre, I could spend about N9,000 on fuel and still make up to N30,000 in a day. Now, everything has changed. The cost has doubled, but passengers are fewer,” he said.

Maduka Chibo, another operator, said his daily fuel expenditure has risen sharply to over N20,000, compared to about N10,000 when petrol sold at N800 per litre.

Northern cities hit N1,390

In Kano, petrol prices climbed as high as N1,390 per litre, with several independent marketers adjusting their rates upward in response to supply costs.

Stations such as AA Rano and others revised prices from around N1,330 to between N1,385 and N1,390.

The increase has triggered a ripple effect on transportation, with commercial tricycle operators hiking fares significantly.

A resident, Ismail Mabo, recounted being charged N4,000 for a trip that would normally cost about N1,000, accusing operators of exploiting the situation.

Another resident, Abba Kabir, warned that the sustained rise in fuel prices could force many car owners to abandon their vehicles.

“At this rate, people will stop using their cars. Some may even convert them to commercial use just to survive,” he said.

Abuja, Kwara record fresh hikes

In Abuja, pump prices have also surged, with several filling stations now selling between N1,361 and N1,370 per litre. The increase followed a fresh pricing template issued by MRS Oil Nigeria Plc to its dealers, signaling a new benchmark for the market.

The company pegged its pump price at N1,332 per litre, with variations depending on delivery and collection terms, further highlighting the influence of supply chain costs.

Across filling stations in the Federal Capital Territory, prices have continued to edge upward, deepening concerns among residents already grappling with high living expenses.

In Ilorin, Kwara State, the situation is no different. A survey showed petrol selling between N1,295 and N1,343 per litre, depending on the outlet.

Residents say the persistent increases are stretching household budgets to the limit. Oladuni Lateefat, a civil servant, said her family’s daily expenses have surged beyond manageable levels.

“What we used to manage with N4,000 daily is no longer enough. Transportation alone is taking a huge part of our income,” she said, adding that she may stop using her car to commute.

Businesses are also feeling the impact. A cement dealer in Ilorin reported that rising fuel costs have already pushed up the price of cement by N500, with fears of further increases.

South-South faces black market surge

In Port Harcourt and Yenagoa, petrol prices have risen to between N1,300 and N1,400 at official stations, while black market rates have soared as high as N1,800 per litre.

The disparity has worsened the burden on residents, particularly in areas where access to formal filling stations is limited.

Commuters say transport fares have doubled in some cases. A trip that previously cost N300 to N400 in Port Harcourt now goes for as much as N700, reflecting the direct pass-through effect of fuel costs.

Similarly, inter-state transport fares have increased, with journeys such as Yenagoa to Uyo rising from about N9,000 earlier in the year to N11,000.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Dollar To Naira Exchange Rate Today, September 7th, 2026

Published

on

The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Saturday.

Daily Voice reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,321.2160/1$ on Sunday.

The latest rate is the same as Saturday’s rate of ₦1,321.2160/1$.

At the parallel market (black market), however, the naira closed on Sunday at ₦1,400 to the dollar.

The offers by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates due to transaction margins and prevailing demand and supply conditions.

Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.

Continue Reading

Business

No More N15,000/Bag: BUA, Dangote, Lafarge, Others Announce Fresh Cement Prices

Published

on

Cement prices in Nigeria remain elevated, with a 50kg bag selling for between ₦12,000 and ₦15,000 in many markets, putting further pressure on builders, contractors and Nigerians planning construction projects.

The latest market data shows that although some brands are currently available below the ₦15,000 mark, the industry remains significantly more expensive than it was at the end of 2025 and early 2026.

Recent market quotations show the following indicative prices for a 50kg bag:

Note: prices may vary by location and transportation costs.

These figures are based on a September 1 market report and can vary depending on location, transportation costs, dealer margins and supply conditions.

However, July industry data painted a more expensive picture. CementNet reported retail prices of ₦12,000 to ₦15,000, with Dangote selling for about ₦13,000–₦15,000, BUA at ₦12,000–₦14,500, and HBM Nigeria, formerly Lafarge Africa, at ₦12,000–₦13,500.

The latest figures suggest that cement prices may have eased from the highest quotations seen earlier in the year, but the broader trend remains upward.

In July, The Guardian reported that a 50kg bag typically sold for ₦12,500–₦15,000 across major markets including Lagos, Abuja and Abia.

The Federal Competition and Consumer Protection Commission (FCCPC) also reported that prices had reached between ₦13,000 and ₦15,000 in some locations during the first half of 2026.

This means the current ₦12,000–₦14,000 quotations for several major brands should be viewed as some market-level moderation rather than a broad collapse in cement prices.

Why cement remains high

High energy and transportation costs continue to weigh heavily on the industry. Cement manufacturing requires significant amounts of energy, while moving cement from factories and depots to retail markets adds further costs.

Location is also playing an important role. Buyers in areas farther from production centres can pay substantially more because of haulage and distribution expenses.

The situation is particularly significant because Nigeria has substantial cement production capacity, yet retail prices remain high. The Guardian reported that domestic production exceeds consumption, with surplus output exported to neighbouring countries.

Continue Reading

Business

Salary Scale for Nigerian Workers Revealed After New Minimum Wage 

Published

on

Nigerian civil servants on Grade Level 8 now earn between N1,479,276 and N1,914,514 annually, depending on their step within the scale, following the new minimum wage signed under President Bola Tinubu’s administration.

The figures fall under the Consolidated Public Service Salary Structure (CONPSS), the framework that governs pay across Nigeria’s federal civil service.

CONPSS covers 17 grade levels in total, and a worker’s position within each level is shaped by their qualifications, length of service, and performance record.

Grade Level 8 has 14 steps, with each step representing a progression in earnings. Below is the full breakdown:

The gap between the lowest and highest steps at this level amounts to N435,238, reflecting how significantly length of service can affect take-home pay within a single grade.

Interest in the salary structure has grown since Tinubu’s government approved a new national minimum wage, which triggered a review of earnings across the public sector. Civil servants and job seekers have been keenly examining each grade level to understand what the adjusted structure means in practical terms.

Workers at Grade Level 8 are typically mid-level employees with some years of experience in the civil service. Their earnings sit above the entry-level grades but below the senior cadre, making this level a reference point for many who are planning career progression within the federal workforce.

Continue Reading

Trending