The recent hike in fuel price has left many Nigerians reeling as petrol now sells for between N950 and N1,100 per litre in Abuja. This marks a significant increase from the N238 per litre price in May 2023, representing a whopping 362% rise.
Residents in the Federal Capital Territory have expressed frustration and disappointment at the constant price hikes, with some describing it as a “new normal” under President Bola Ahmed Tinubu’s administration.
The price increase has been attributed to various factors, including the ongoing battle between the Nigerian National Petroleum Company (NNPCL) and Dangote Refinery over pricing. Despite NNPCL’s announcement of a fresh price list, confusion and uncertainty persist in the oil and gas sector.
As the situation continues to unfold, Nigerians are bracing themselves for potential increases in transportation costs and other related expenses. The National Bureau of Statistics data shows that petrol pump prices have skyrocketed from N238 per litre in May 2023 to the current exorbitant rates.
