The National Bureau of Statistics (NBS) has reported a sharp 64.5% rise in petrol prices, with the average price climbing from ₦626.21 in September 2023 to ₦1,030.46 per litre in September 2024. The report also noted a 24% increase compared to August 2024, where petrol sold for ₦830.46 per litre. Katsina recorded the highest prices at ₦1,096.15 per litre, while states like Yobe and Sokoto had the lowest prices, averaging below ₦1,000.
The Nigeria Labour Congress (NLC) has criticized the recent petrol price hikes by the Nigerian National Petroleum Company (NNPC), warning that the increases undermine the impact of the new ₦70,000 minimum wage. However, the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, defended the subsidy removal, emphasizing that the move was necessary and promised that Nigerians would soon see its long-term benefits despite current difficulties.
The Minister of Finance, Wale Edun, further stressed that both petrol and foreign exchange subsidies have been completely abolished. Speaking at the World Bank’s Nigeria Development Update, Edun explained that subsidies had drained over N10 trillion from the economy, making them unsustainable. He acknowledged the challenges accompanying these reforms but assured Nigerians that they are essential for long-term economic stability.