In a move that has further strained the pockets of Nigerians, the administration of President Bola Tinubu, through the Nigerian National Petroleum Company Limited (NNPCL), has once again increased the pump price of petroleum.
This latest increment will see Nigerians in Lagos and Abuja buying petrol for N1,025 and N1,060 per litre, respectively.
In October, petrol prices stood at N1,030 in Abuja and N998 in Lagos at NNPCL filling stations, while other petrol stations sold the commodity for between N1,150 and N1,200 per litre. The reviewed prices were displayed at various NNPCL stations in Lagos and Abuja on Tuesday.
This upward review comes amidst current economic challenges that have the potential to exacerbate the burden on Nigerians already grappling with the rising cost of living. Since President Tinubu assumed office on May 29, 2023, and announced the end of fuel subsidies, petrol prices have skyrocketed from N145 to over N1,000, severely impacting the lives of citizens.
The astronomical increase in fuel prices has led to a growing sense of frustration and discontent among the populace, with many Nigerians now referring to President Tinubu as “T-Pain” (Tinubu-pain) as an expression of their economic hardship under his watch.