In response to the persistent economic challenges facing the nation, President Bola Tinubu’s administration has enacted another increase in petrol prices through the Nigerian National Petroleum Company Limited (NNPCL). This adjustment has left many citizens reeling amid rising living costs and economic pressures.
GistReel reports that as a result of this new price hike, residents in Lagos will now pay ₦1,025 per litre, while those in Abuja will see prices at ₦1,060 per litre. This marks a significant shift from earlier prices established in October, when NNPCL stations in Abuja sold petrol for ₦1,030 per litre, and those in Lagos offered it at ₦998 per litre. Other outlets had even higher prices, ranging from ₦1,150 to ₦1,200 per litre, reflecting a worrying trend of escalating costs for consumers.
According to the Peoples Gazette, the updated petrol prices were displayed at NNPCL stations in Lagos and Abuja on Tuesday, confirming the increase to the public. This adjustment is seen as a reaction to the deteriorating economic landscape, which is anticipated to put additional strain on Nigerians who are already grappling with escalating costs of living.
The economic situation has become dire for many, particularly since President Tinubu announced the removal of fuel subsidies on May 29, 2023. At that time, petrol prices were around ₦145 per litre, but they have skyrocketed to over ₦1,000 per litre, exacerbating financial difficulties for citizens across the country.
The growing discontent among the populace has led to the coining of the term “T-Pain” (Tinubu-pain) as a way for frustrated citizens to express their dissatisfaction with the economic hardships they attribute to the President's policies. This sentiment underscores the deepening financial strain experienced by many Nigerians as they navigate the challenges posed by these rising fuel costs.