Before the rally, there were speculations that the petrol price, selling at around N195 per litre, could rise to N200 per litre. In his inaugural speech on May 29, 2023, Tinubu dashed Nigerians’ hopes for lower fuel prices by officially announcing the removal of the fuel subsidy. In this article, Tribune Online examines the four instances of petrol price hikes under Tinubu’s administration over the past 16 months. First Increment – May 2023The first petrol price hike occurred shortly after Tinubu announced the subsidy removal in May 2023, disrupting the petroleum industry. Nigeria’s petrol subsidy, a lifeline for smugglers — NNPCLThe NNPCL boss, Mele Kyari, recently disclosed that Nigeria’s petrol subsidy, before its removal, served as a lifeline for cross-border smugglers.

Source: Nigerian Tribune October 16, 2024 13:19 UTC