DAILY GIST recalls that President Bola Ahmed Tinubu on Monday, May 29th, 2023 announced the end of fuel subsidy regime in the country.
The development has since inflicted hardships on many Nigerians as economic situation of the country worsens.
Since the announcement, the average cost of Premium Motor Spirit (Petrol) has consistently increased and is now at a record high.
Fuel subsidy is a financial assistance provided by the government to reduce the cost of fuel for consumers.
It is done to keep fuel prices lower and make it more affordable for the general population.
According to the latest price watch report from the National Bureau of Statistics in August 2023, the average retail price paid by consumers for petrol in Nigeria was N626.70.
This indicates a 230.78% increase compared to the N189.46 average price recorded in August 2022 according to Legit.ng
Likewise, comparing the August 2023 average price value with the N600.35 consumers paid in July 2023 represents an increase of 4.39%.
NBS further revealed that for August 2023, Taraba State had the highest average retail price of petrol at N680.00.
Borno and Benue States were next, with N657.27 and N649.14, respectively. Meanwhile, Adamawa, Rivers and Delta States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N594.81, N596.80 and N604.63, respectively.
Lastly, on the Zonal profile, the North-East Zone had the highest average retail price of N636.93, while the South-South Zone had the lowest price of N616.95.
Further analysis shows that petrol price changes have been the worst hit since Tinubu assumed office.
As of May 2023, when the declaration of fuel subsidy removal was made, NBS data shows an average petrol price in the country of N238.11 per litre.
This means that with the August average price of N626.70, the cost of petrol has risen by 163% in the last four months.
President Bola Tinubu acknowledged that many Nigerians were facing hardships due to his government’s policies.
The removal of fuel subsidy brought untold hardships on Nigerians as prices of food items have skyrocketed thereby causing outcry among the citizens
Below is the list of the 15 states most affected by the removal of fuel subsidy
