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Nigerians Groan as Fuel Prices Increase Astronomically

The management of the Nigerian National Petroleum Corporation (NNPC) has released a new pricing table for different geopolitical zones in the country. The new prices will take effect on Wednesday, May 31, 2023.

According to the new pricing table, petrol will be sold at the following prices:

  • Northeast: N557 per litre in Maiduguri and Damaturu, N550 per litre in other parts of the zone.
  • Northwest: N545 per litre in Birnin Kebbi, N537 per litre in other parts of the zone.
  • North Central: N537 per litre, except for Illorin where it will be sold at N515 per litre.
  • Southeast: N520 per litre.
  • Southwest: N500 per litre in Lagos, N511 per litre in other parts of the zone.
  • Southsouth: N515 per litre in Uyo and Yenegoa, N511 per litre in other parts of the zone.

The NNPC has stated that the new prices are in line with the current market realities. The corporation has also assured that it will continue to monitor the market and make adjustments as necessary.

The new fuel prices have been met with mixed reactions from Nigerians. Some people have welcomed the changes, while others have expressed concerns about the impact on the cost of living.

The new fuel prices are a negative development for the Nigerian economy. The higher prices will put a strain on household budgets and businesses, and could lead to inflation. The NNPC has stated that the new prices are in line with the current market realities, but this does not make them any less painful for Nigerians. The government needs to find ways to reduce the cost of fuel, or else the new prices will have a devastating impact on the economy.