In a bold move, Nigeria’s state oil firm NNPC Ltd skyrocketed petrol prices to a staggering 557 naira ($1.21) per litre on Wednesday, leaving citizens stunned. This significant hike comes just days after President Bola Tinubu declared the abolition of fuel subsidies.
This sudden surge marks the demise of the fuel subsidy system, which NNPC claims costs the company a staggering $867 million each month. As a result, Nigerians must prepare themselves for increased transportation fares, while businesses heavily reliant on petrol generators, due to the inadequate grid electricity supply, will face mounting expenses.
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In a statement, NNPC justified the adjustment in petrol prices as a response to “current market realities.” They emphasized that prices will continue to fluctuate, mirroring the ever-changing dynamics of the market.
As the Nigerian public absorbs the shock of this unprecedented price hike, it remains to be seen how this decision will impact the nation’s economy and the daily lives of its citizens.
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