Petrol Price Hike: Nigeria On The Edge

Nigeria has been grappling with fuel scarcity amidst declining living standards for some time now.

For decades, Nigerians have observed the fluctuating journey of fuel prices, spanning from a humble 6 kobo in 1973 to a staggering 617 naira per liter in 2023.

Only last week, the Nigerian National Petroleum Company Limited {NNPCL} announced a price hike from N568 to N897 per litre depending on location.

Experts warn that the recent increase in the pump prices of Premium Motor Spirit (PMS) popularly known as petrol will further weaken the economy by driving inflation up, causing business shutdowns, and pushing more citizens into poverty.

Gist Nigeria’s Mercy Frank looks at what the recent price hike would mean for citizens, the economy and expectations for the future.

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