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The price of fuel in Nigeria has experienced a substantial increase, reaching a staggering N617 per litre, and citizens are reacting.
The focus of this price surge has been on the filling stations owned by the Nigerian National Petroleum Company Limited (NNPCL).
Prior to this, the cost of fuel stood at N537 per litre, making the recent rise of N80 per litre a shock to the residents of Abuja, who woke up to the unexpected change on Tuesday morning.
The cause behind this sudden increase remains unclear, leaving citizens puzzled and concerned about the economic implications.
However, investigations revealed that part of the reason for the price hike could be attributed to the rapid depreciation of the naira since it was floated, which coincided with President Bola Ahmed Tinubu assuming office.
With the value of the naira on a downward trend, oil marketers are now forced to spend more naira to purchase dollars at the black market rate to sustain fuel importation.
As a result, the operational costs for these marketers have skyrocketed, making the previous fuel price of N537 per litre no longer viable.
Motorists who were confronted with the increased fuel price on Tuesday expressed their frustration and fears about the potential impact on their daily lives.
Many referred to the situation as a “death knell,” fearing that the surge in fuel costs could lead to a domino effect, causing a rise in prices for essential goods and transportation services.
The sentiment among some residents was that they felt trapped and hopeless, foreseeing difficult times ahead.
Some even vented their frustrations on President Tinubu, accusing him of inaction and not taking steps to alleviate the burden on the citizens.
The increase in fuel prices has caused significant distress, as highlighted by the experience of a taxi driver named Marvin Shadare, who described the situation as “hell” and expressed concerns about the overall impact on the economy.
Source: Allnews Nigeria
