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,,,,,Commuters Face Higher Transport Fares Amid Surge.
By Dada Ahmed in Lokoja.
(C) tbi Africa.
Commuters in Lokoja, Kogi State, north central Nigeria,are grappling with a sudden 25.2 per cent increase in petrol prices.
An investigation by The Reporters on Friday revealed that a litre of petrol that sold for between ₦839 and ₦875 last week now goes for between ₦970 and ₦1,050 at some filling stations, sparking fears of rising transport fares and higher prices for goods across the state.
Energy analysts link the surge to escalating conflict in the Middle East.
US and Israeli strikes on Iran, following the assassination of top Iranian leaders, and Iran’s retaliatory attacks on US and Israeli bases have disrupted oil shipments through the Strait of Hormuz, a key passage for nearly 20 per cent of global oil trade.
Amena Bakr, Head of Middle East and OPEC+ Research at Kpler, said Brent crude could rise from $72 per barrel to between $85 and $90 if tensions persist.
She added that rising insurance costs and the suspension of shipping along the Gulf are likely to push global oil prices higher, directly affecting local fuel markets such as Lokoja.
Economic analysts warn that the surge could have serious social and economic repercussions in many societies in the world, including Kogi State.
Mr. David Adebayo, an economist, told The Reporters that transport operators may raise fares, traders could face higher delivery costs, and inflation may affect essentials, including food, building materials, and medical supplies.
“Prolonged fuel spikes could strain households and slow local economic activities,” Adebayo said, noting that small businesses and daily commuters are likely to be hit hardest in the event the Middle East conflict is not checked
While some oil shipments continue to pass through the Gulf, analysts expressed concern that the geopolitical risk premium on crude is already influencing local markets.
Many residents of Lokoja expressed concern that the rising cost of petrol is not only a financial burden but could also trigger wider economic ripple effects, if the Middle East conflict persists.
The Reporters also found that many families who previously relied on low petrol prices to operate generators and cope with epileptic power supply and the attendant excessive heat can no longer afford to do so due to the recent price hike.
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