The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of Premium Motor Spirit (PMS) otherwise known as petrol to N1,025 and N1,060 per litre in Lagos and Abuja respectively.
As of Tuesday morning, NNPCL stations in Lagos and Abuja displayed the updated prices.
This is the third time the price of fuel will be increased in two months as Nigerians continue to battle economic hardship.
On October 9, the pump price was hiked to N998 in Lagos and N1030 in Abuja in NNPCL filling stations, while other petrol stations sold for between N1, 150 and N1200 per litre. In September it was sold at N898.78 per liter.
Since Bola Tinubu took office on May 29, 2023, and announced the end of the fuel subsidy, petrol prices have skyrocketed from N145 to over N1,000.
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The continuous price hikes have strained the economy, driving up transport costs and fuelling inflation, as struggling Nigerians lament the hardship.
The situation has also forced many motorists to abandon their vehicles, opting instead for public transportation.
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