By Erewunmi Peace

Businesses across Nigeria are preparing for a possible surge in inflation following a sharp rise in petrol prices, which have climbed to about ₦1,300 per litre in several parts of the country.

Industry stakeholders say the increase is already affecting transportation, logistics, and production costs, raising concerns about a fresh wave of price hikes for goods and services.

The recent rise in petrol prices has been linked to adjustments in supply pricing from Dangote Petroleum Refinery, which reportedly increased its gantry price. The adjustment has influenced retail pump prices at many filling stations nationwide.
Economic analysts warn that the development could worsen the financial strain on households and businesses already struggling with high living costs.

According to business groups, transportation expenses are expected to increase significantly, which may lead to higher prices for food items, raw materials, and other essential commodities. Small and medium-scale enterprises are likely to be among the most affected.

Experts also note that rising fuel costs often have a ripple effect on the broader economy, contributing to increased inflation as companies pass additional operational expenses on to consumers.
Meanwhile, stakeholders are urging the Federal Government of Nigeria to introduce measures that could stabilize fuel prices and reduce the economic burden on businesses and citizens.

As petrol prices continue to fluctuate, many Nigerians remain concerned about the potential impact on transportation fares, food prices, and the overall cost of living.