Fuel prices don increase again for Nigeria, and this one dey cause serious hardship for many people. On Wednesday, fuel prices jump up by about 15 to 20 percent across different parts of the country. For example, at some NNPC stations in Lagos, the price move from 855 naira per liter to 998 naira per liter.
This increase be the second one in just over a month, following another hike in early September. The Nigerian National Petroleum Company Limited (NNPCL) has not given any clear reason for this sudden increase. This new price hike dey add to the economic struggles Nigerians already dey face, including high inflation and rising food costs, plus a weakened naira.
President Bola Ahmed Tinubu‘s administration has been implementing economic reforms, but these reforms have led to a 30-year peak in inflation since fuel subsidies were eliminated and the naira was allowed to float. Before these changes, petrol was selling for under 200 naira per liter. Now, prices have risen significantly, with some areas like Abuja and Kano seeing prices over 1,000 naira per liter.
The Nigeria Labour Congress (NLC) has condemned the price increase and called for immediate reversal. NLC President Joe Ajaero criticized the government for not implementing the Compressed Natural Gas initiative and for the delay in starting operations at the Port Harcourt refinery. He also urged Nigerians to mobilize and react collectively against the hike.
The impact of this price hike is widespread, affecting not just fuel prices but also the cost of transportation and goods. Many Nigerians are finding it hard to make ends meet as their wages are not increasing to match the rising costs. The situation is particularly tough for those who rely on daily transport and are seeing their living expenses escalate.
