Fuel prices shot up again at the Nigerian National Petroleum Company Limited (NNPCL) pumps and private filling stations nationwide, dealing another blow to Nigerians already suffering the worst economic crisis in a generation.
Nigerians are already battling soaring inflation and food costs, as well as a battered Naira currency.
The NNPCL has not commented on the sudden increase of roughly 15 to 20 percent seen at pumps nationwide.
Chronicle NG reports that it marks the second such hike in just over a month. In early September, the NNPCL acknowledged huge debts to fuel suppliers and announced a roughly 40 percent price increase to help its finances.
For many, Wednesday’s hike was the latest measure to eat into their budgets as Tinubu’s government pursues reforms billed as a way to revive the economy of Africa’s most populous country.
“It’s biting everybody,” said Ohaka Amaechi. “The price isn’t good, but we don’t have a choice. People are struggling to survive.”
At that pump, the price had risen from 855 to 998 naira per litre ($0.53 to 0.62), while elsewhere prices topped 1,000 naira, including in the capital Abuja and the northern city Kano.
Osi Suave stated that “a fuel increase would lead to an increase in transport costs, which in turn would increase the cost of food.” “How is this government unable to comprehend such a basic concept? I’m exhausted, Abeg.”
Private suppliers already sold fuel at higher prices.
After coming to power last year, Tinubu said his reforms would revive the economy in the long term and attract foreign investment.
But Nigerians have seen inflation hit a three-decade high since Tinubu ended a fuel subsidy and floated the naira currency.
Before the reforms, petrol sold for less than 200 naira per litre.
“I can’t tell if Tinubu is trying to make it better,” said Emem Bob.
“Our bosses aren’t increasing our salaries, and we have to pay for transportation every day,” she said. “It affects everybody.”
Tinubu has gone on vacation in the United Kingdom to observe his annual leave.
“Fuel price hiked to N1030, and Tinubu is chilling in London,” said Engr. Shaibu.
“It was barely N100 under GEJ when this same APC tried to destroy the entire country,” he said. “Anybody supporting this government is very mad.”
One of the country’s main unions, the Nigeria Labour Congress, said it was “dismayed” by the hike and called for its immediate reversal.
But rallies over economic hardship struggled to build momentum earlier this month following a deadly crackdown by the authorities on nationwide demonstrations in August.
On the day of the poorly attended October protests, Tinubu gave a speech once again calling for Nigerians to be patient with his reforms.
