President Bola Tinubu has addressed the recent increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, emphasizing the necessity of the hike for Nigeria’s long-term growth and development. The price adjustment, implemented by the Nigerian National Petroleum Company (NNPCL), now ranges from N855 to N897 per litre, depending on location, with independent marketers pushing prices as high as N1,200 per litre.
Speaking to Nigerians in Beijing after completing his official engagements in China, President Tinubu described the petrol price hike and other reforms by his administration as “bold and unprecedented” decisions aimed at setting Nigeria on a path to economic recovery. He acknowledged the financial strain on citizens but stressed that these measures are essential for developing infrastructure, improving public services like electricity and water supply, and ensuring the country’s future.
Tinubu’s statement came after widespread public outcry over the removal of fuel subsidies in May 2023, which has led to a threefold increase in fuel prices, exacerbating the hardships faced by many Nigerians who rely on petrol for transportation and electricity generation.
Addressing these concerns, Tinubu urged Nigerians to remain patient and understand that difficult decisions must be made to build a sustainable and prosperous future for the country. He also highlighted the importance of Nigerians abroad contributing positively to the country’s development by influencing attitudes back home.
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