BREAKING: Petrol Price Soars Again as FG Announces Fresh Hike

The relentless climb in petrol prices is expected to further burden households and businesses, as transportation and other costs continue to rise in tandem.

Abuja, Nigeria — The economic woes facing Nigerians are set to deepen as the administration of President Bola Ahmed Tinubu has announced a new hike in petrol prices, putting further strain on the cost of living for millions of citizens.

Starting this week, the revised price structure will see residents of the Federal Capital Territory, Abuja, paying a steep N1,030 per litre. The official pump price for petrol has been set at N998 per litre, though many fear this figure might not remain stable amidst fluctuating market conditions.

The Nigerian National Petroleum Corporation (NNPC) stations in major cities like Lagos and Abuja have already adjusted their electronic display boards to reflect the new prices, signaling the impact of the adjustment on consumers nationwide.

This latest increase follows President Tinubu’s controversial announcement on May 29, 2023, when he declared the removal of fuel subsidies. Since then, the price of petrol has surged from N205 per litre to today’s staggering levels, sparking widespread discontent and exacerbating economic challenges for Nigerians.

The relentless climb in fuel prices is expected to further burden households and businesses, as transportation and other costs continue to rise in tandem. Many Nigerians, whose livelihoods depend on affordable petrol, are now left grappling with uncertainty and despair over how to sustain their day-to-day activities.

With the Tinubu administration’s fuel policy facing growing criticism, the latest development adds to the already intense public outcry over the nation’s economic trajectory and the government’s approach to managing the energy sector.