Petrol Prices Soar to N1,500/litre Amid Economic Hardship Woes

The pump price of petrol has risen sharply across Nigeria, with prices reaching as high as N1,500 per litre in several states. The situation has been described as 'terrible' by some motorists, who are struggling to cope with the increased costs.

According to a statement from the Nigeria Labour Congress (NLC), the pump price of petrol now sells for about N1,430 per litre in major cities, while prices have risen even higher in less accessible locations. The NLC has called on the Federal Government to urgently introduce measures to cushion the impact of the rising price of petrol, including the payment of reasonable wage awards to workers and the sale of crude oil to local refineries in naira.

Stakeholders have also expressed concern that the rising cost of petrol will further worsen economic hardship facing Nigerians. They warn that increases in transportation costs typically trigger higher prices of food, rent, school fees, and other essential goods and services.