News

BREAKING: Tinubu Administration Increases Fuel Prices Again

Published by admin on October 29th, 2024.

BREAKING: Tinubu Administration Increases Fuel Prices Again

Amid ongoing economic challenges, President Bola Tinubu’s government has announced another increase in petrol prices through the Nigerian National Petroleum Company Limited (NNPCL).

According to reports from Naija News, the new prices mean that residents in Lagos will now pay N1,025 per litre, while those in Abuja will pay N1,060. This marks a rise from the previous prices of N1,030 in Abuja and N998 in Lagos at NNPCL stations in October, with other outlets charging between N1,150 and N1,200 per litre.

The FIRST CLASS GISTS notes that the updated prices were displayed at NNPCL stations in both cities on Tuesday, a decision linked to current economic conditions that are likely to exacerbate the financial burden on Nigerians already grappling with rising living costs.

Since President Tinubu ended the fuel subsidy on May 29, 2023, petrol prices have surged from N145 to well over N1,000, placing additional strain on citizens. In response to these economic difficulties, many Nigerians have taken to referring to the President as “T-Pain” (Tinubu-pain).