Business

Households in pains as petrol prices jump

A weary Nigerian population that has over the past two years endured the economic siege brought by the global supply chain snarls is facing an even harsher reality of surging prices.


The recent surge in petrol pump prices across the country is further straining the finances of millions of people whose incomes have already been hit by accelerating inflation in Africa’s most populous country and amplifying a cost of living crisis in Africa’s biggest economy.


Prices of petro rose as high as N617 per litres in Abuja, N568 in Lagos and N620 in Kaduna, an average of 15 percent rise from their previous prices a month ago owing to the reality of market forces after the removal of subsidy.