Nigerians are facing yet another wave of economic hardship as petrol prices skyrocket to between ₦970 and ₦990 per litre at filling stations nationwide. The alarming increase comes amid the reported collapse of the Naira-for-Crude exchange arrangement, which was initially introduced to stabilize fuel prices and ease the burden on consumers.
The development was announced via the official X handle of Nigerian Stories, sending shockwaves across social media as citizens react to the worsening cost of living. Many Nigerians are already grappling with inflation, rising food prices, and economic uncertainty, making this latest surge in fuel costs a devastating blow to households and businesses alike.
Industry experts attribute the price hike to the stalled implementation of the Naira-for-Crude deal, which was expected to help curb forex-related costs in fuel imports. The agreement, designed to allow Nigeria to trade crude oil for refined petrol, has reportedly hit a snag, forcing importers to source dollars from the open market at exorbitant rates. This has significantly driven up landing costs, which are now being passed on to consumers.
With petrol prices nearing ₦1,000 per litre, Nigerians have taken to social media to express frustration over the government’s handling of the situation. The rising cost of fuel is expected to have a domino effect, leading to:
Higher transportation fares
Increased prices of goods and services
Further depreciation of the Naira
Worsening inflation and economic hardship
Businesses, particularly those reliant on petrol-powered generators due to unstable electricity supply, are already feeling the pinch. Many small and medium enterprises (SMEs) may struggle to survive as operational costs spiral out of control.
As fuel prices continue to climb, all eyes are on the Nigerian government and the Nigerian National Petroleum Company (NNPC) to provide urgent intervention. Stakeholders are calling for immediate measures to either revive the Naira-for-Crude deal or introduce alternative policies to prevent further economic deterioration.
The question remains: Will the government act swiftly to mitigate this crisis, or will Nigerians be left to bear the brunt of yet another fuel-induced hardship?
PIONEER NEWS 