The news of petrol potentially being sold at N1,200/litre has stirred distress among Nigerians, prompting an outpouring of grievances on various social media platforms. Oil marketers have attributed the proposed price increase to the depreciation of the naira against the US dollar and the escalating cost of crude oil. They argue that in a free market, petrol should be priced at N1,200/litre due to the rising subsidy. As of Tuesday, the official exchange rate closed at 998/dollar, while the black market rate stood at 1,225/dollar. Presently, petrol, which is solely imported by the NNPCL, retails for approximately N617 to N660/litre across different locations in Nigeria. This impending price hike has incited public outcry, with many Nigerians expressing their frustrations and concerns about the economic strain. The sentiment of distress and disillusionment has been palpable, with individuals questioning the endurance of the populace amidst these mounting challenges. Social media platforms have been inundated with posts capturing the despair and resentment surrounding the potential fuel price surge, reflecting the grim reality faced by the people.
