ABUJA, Nigeria (AP), The National Bureau of Statistics says the average price of petrol in Nigeria rose sharply to N1,288.54 per litre in March, underscoring the strain on households and businesses already grappling with inflation and high living costs.
The bureau’s latest report shows a significant increase compared to February, reflecting ongoing pressures in the downstream oil sector. Rising global crude prices, currency depreciation, and supply challenges have all contributed to the surge.
Fuel price hikes have long been a flashpoint in Nigeria, Africa’s largest oil producer. In 2023, the government ended decades of fuel subsidies, triggering a wave of increases that sparked protests and widespread debate about economic reforms. Similar spikes have occurred in past years, often leading to clashes between unions and the government.
Analysts warn that the March figures could further drive up transportation costs and food prices, deepening hardship for millions of Nigerians. The government has promised to cushion the impact through social programs and investments in local refining, but progress has been slow.
The latest rise comes as Nigeria continues to battle high inflation, which reached over 30 percent earlier this year, and a weakening naira that has made imports more expensive. For many citizens, the jump in petrol prices is yet another reminder of the economic challenges facing the country.
