In a move that could further exacerbate Nigeria’s economic challenges, the administration of President Bola Tinubu has raised petrol prices once more through the Nigerian National Petroleum Company Limited (NNPCL).
The new prices, displayed at NNPCL stations in Lagos and Abuja, show that residents will now pay N1,025 and N1,060 per litre, respectively.
This increase follows a prior rise in October when petrol was priced at N1,030 per litre in Abuja and N998 in Lagos at NNPCL stations, with other stations charging between N1,150 and N1,200.
The adjustment, reportedly due to “prevailing economic conditions,” adds to the escalating cost of living for Nigerians, who have been grappling with higher prices since the fuel subsidy’s removal on May 29, 2023.
Since then, petrol prices have surged from N145 per litre to over N1,000.
The financial strain has led some citizens to nickname President Tinubu “T-Pain,” referencing the economic hardships experienced since he took office.
As fuel prices continue to rise, the frustration of Nigerians underscores the growing demand for effective policy solutions amid rising costs.