Petrol prices in Nigeria have surged to an unprecedented N1,000 per litre in some regions, exacerbating the economic hardship faced by millions of Nigerians. This steep increase, which has been reported in states such as Delta, Warri, and Abuja, is largely attributed to a combination of supply disruptions and the ongoing nationwide protests against hunger and economic mismanagement that began on August 1, 2024.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has explained that many filling stations were forced to shut down due to fears of vandalism and loss of assets during the protests. This halt in operations has led to significant fuel shortages, further driving up prices. Black market operators have taken advantage of the situation, selling petrol at rates as high as N1,500 per litre.
Economic experts have pointed out that the rising landing cost of imported petrol, exacerbated by the country’s foreign exchange crisis, has also contributed to the soaring prices. The cost, which includes international pricing, shipping, and insurance, has reportedly increased from N720 to over N1,000 per litre due to the depreciation of the naira.
Nollywood actress Lizzy Gold has voiced her concerns over the skyrocketing fuel prices and the overall economic situation, calling on President Bola Tinubu to take urgent action. She highlighted the severe impact on ordinary Nigerians, who are grappling with high food prices, widespread hunger, and rising insecurity.
The Initiative For Social Rights Concerns And Advancement (ISRCA) has also urged the government to reduce fuel prices immediately to alleviate poverty and bring down the cost of essential commodities. The group accused the government of using fear tactics to discourage peaceful protests, emphasizing that the uncontrolled price of petrol is a major driver of inflation and economic instability.
With the nationwide protests showing no signs of abating and the economic challenges mounting, all eyes are on the government to implement effective measures to stabilize the situation and provide relief to the suffering populace.
