President Bola Tinubu has addressed the recent increase in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The latest hike, mandated by the Nigerian National Petroleum Company’s (NNPCL) Retail Management, has raised prices from N568-N617 to a range of N855 to N897 per litre, depending on location. Independent marketers have responded by setting prices between N930 and N1,200 per litre.
Since the subsidy removal in May 2023, petrol prices have tripled, exacerbating the struggles of Nigerians who rely on petrol for their vehicles and generators.
However, during a meeting with Nigerians in Beijing, China, after concluding his official engagements, Tinubu characterized the price increase as a “bold and unprecedented decision” vital for Nigeria’s growth.
A statement from Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, indicated that Tinubu views the petrol price hike and other reforms as part of a comprehensive strategy to guide Nigeria toward economic progress.
President Tinubu said, “Nigeria is undergoing reforms, and we are making very bold and unprecedented decisions. For example, you might have been hearing news from home in recent days about rising fuel prices.
“But can we afford to remain stagnant? Can we develop the robust roads you see here? Look at the consistent electricity supply and reliable water availability, and consider their excellent schools. Can we truly hand over a future without blemish to our children?
“What critical steps must we take to achieve this if we are not willing to make tough decisions now for the benefit of our country, which is rich in talent and potential?
“So many of you are extraordinarily gifted, speaking fluent Mandarin. It’s what you share with your families at home that will influence the attitudes of our people.
“The more you desire everything to be free, the more it becomes costly and protracted to realize meaningful development.”
