In less than two months, the cost of fuel in Nigeria has skyrocketed from N197 to an alarming N617 per litre, causing widespread concern among citizens. President Bola Tinubu’s assurances in his inaugural address in May 2023, stating that the removal of fuel subsidy would not lead to exorbitant price hikes, appear to have been in vain.
Shortly after Tinubu’s inauguration, the subsidy program was terminated, leading to an immediate increase in the pump price to N537 per litre. However, the situation took a turn for the worse this Tuesday when the fuel price further escalated to N617.
The Nigerian National Petroleum Corporation Limited (NNPCL) attributed the drastic price change to “market forces,” leaving citizens to bear the brunt of the economic impact.
Adding fuel to the fire, a video of Tinubu’s campaign has surfaced online, where he pledged to reduce fuel prices if elected. The video, recorded during a campaign rally in Abeokuta, Ogun State, on January 25, 2023, shows Tinubu addressing the audience in Yoruba, assuring them that petrol prices would be reviewed downwards, even amidst predictions that it could reach N200.
However, with the current situation and the soaring fuel prices, it appears that these promises have not been fulfilled, leading to public outrage and dissatisfaction among Nigerians.