Petrol Depot Price Rise To ₦1,310

By Sherif Salau

The cost of petrol at Nigerian depots has rose to ₦1,310 per litre, pushing retail pump prices closer to the ₦1,500 mark and raising fresh concerns about the broader economic fallout.

Industry sources confirmed the latest depot price movement, a development that leaves filling-station operators with little room to absorb the increase. As a result, motorists across the country are bracing for higher prices at the pump in the coming days.

The adjustment is expected to send ripple effects through an economy already under pressure. Transportation costs are likely to rise first, with commercial drivers and logistics companies forced to pass on the extra expense to passengers and clients. Food prices, which remain sensitive to haulage costs, could climb further as the expense of moving goods from farms and warehouses to markets increases.

Small businesses that rely on generators to power their operations face higher running costs, while households already stretched by inflation may see their monthly budgets squeezed even tighter. Analysts warn that sustained high fuel prices risk dampening consumer spending, slowing business activity and complicating efforts to stabilise the naira.

For many Nigerians, the latest rise is the latest chapter in a long struggle with energy costs. Commuters speak of recalculating daily transport fares, while traders worry about thinner margins. Although government and industry stakeholders have yet to issue detailed responses, the market movement has already sparked anxiety about the weeks ahead.

As pump prices continue their upward trajectory, the central question remains how far the economy can absorb the pressure before the cumulative burden begins to weigh more heavily on growth, jobs and living standards.