Fuel Price Skyrockets to N617 Per Litre in Abuja

Ilesanmi AdekanbiJuly 18, 2023

2 minutes read

Abuja residents woke up to a rude shock on Tuesday morning as the price of petrol soared to N617 per litre at the NNPC filling station in the Central area of the city.

This is a 14.5% increase from the previous price of N539 per litre, which was already a 175% hike from the pre-Tinubu era of N195 per litre.

The sudden surge in fuel price has been linked to the removal of fuel subsidy by President Bola Ahmed Tinubu, who assumed office on May 29, 2023.

In his inaugural speech, Tinubu had declared that fuel subsidy was unsustainable and detrimental to the economy, and that his administration would channel the funds to other sectors.

However, the subsidy removal has triggered a chain reaction of inflation and hardship for Nigerians, especially in the northern region where some oil marketers have projected that fuel price could hit N700 per litre soon. The high cost of fuel has also affected the prices of foodstuff, transportation and other essential commodities.

Many Nigerians have expressed their frustration and anger over the situation, calling on the government to reverse its decision or provide adequate palliatives to cushion the effects. Some have also accused Tinubu of being insensitive and out of touch with the realities of the masses.

But Tinubu has appealed for more patience and understanding from Nigerians, saying that the subsidy removal was a necessary step to reposition the country for growth and development. He assured Nigerians that his government was working on a framework for palliatives that would reach the most vulnerable segments of the society.

Last week, he hosted a delegation of former governors from the class of 1999, led by Lucky Igbinedion of Edo State, and solicited their support for his policies. He told them that Nigeria was undergoing a rebirth with the subsidy removal, and that the pain would soon give way to joy.

“The palliative is coming. I don’t want cash-transfer to fall into wrong hands. I know it pinches and it is difficult. In the end, we will rejoice in the prosperity of our country,” he said.

Tinubu had also written to the House of Representatives to seek an amendment to the 2023 supplementary appropriation act to accommodate N500 billion for provision of palliatives for Nigerians. The parliament subsequently approved his request.

The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NDMPRA) has not commented on the latest fuel price increase as at press time.