PMS Prices Surge by 488% Under Tinubu’s Leadership: From N175 to N1,030

Tinubu’s tenure as petroleum minister has seen an astronomical rise in fuel prices, severely impacting Nigerian citizens already facing economic hardship

When President Bola Tinubu took office in May 2023, many Nigerians had high hopes for better governance, but PMS prices under Tinubu have continued to soar, contrary to his campaign promises. His administration has overseen an unprecedented increase in fuel costs, with prices skyrocketing from N175 per litre to N1,030 by October 2024, an astonishing 488% hike in just over a year. This sharp escalation has added to the economic challenges already faced by millions of Nigerians.

One of Tinubu’s first actions as president was the removal of the petrol subsidy, a move that immediately triggered fuel price increases. Filling stations, including those operated by the Nigerian National Petroleum Company Limited (NNPC), raised prices above N500 per litre within days. PMS prices under Tinubu quickly became a source of discontent among the public, as the rise in fuel costs rippled across other sectors of the economy.

Before his election, Tinubu had vowed to address fuel price hikes during his campaign. Speaking in Abeokuta, Ogun State, he assured voters that his administration would bring down fuel prices. However, the reality of PMS prices under Tinubu has been starkly different. Rather than delivering on his promise, the costs have continued to rise, pushing many Nigerians deeper into economic hardship.

Fuel plays a crucial role in Nigeria’s economy, as millions of citizens rely on petrol to power generators in the absence of reliable electricity. The surge in PMS prices under Tinubu has exacerbated the country’s power crisis, particularly in rural areas where access to grid electricity is limited. Additionally, as commercial drivers face rising fuel costs, transportation expenses have increased, causing a knock-on effect on the prices of essential goods and services.

Compounding the situation was Tinubu’s decision to float the naira just weeks after taking office. This led to a rapid depreciation of the currency, with the naira falling from N400 to over N1,600 per dollar by mid-2024. Since petrol is priced in dollars, the currency’s fall has further driven up PMS prices under Tinubu, adding to the public’s woes.

In response to these challenges, the NNPC began selling petrol at below-market rates, but this only masked the underlying issue. The government continued to subsidize fuel behind the scenes, while PMS prices under Tinubu remained a significant burden on the masses. Despite these efforts, the NNPC raised prices again in late 2024, pushing them to N1,030 per litre and sparking widespread public outrage.

Nigerian labour unions and civil society organizations have repeatedly voiced their opposition to the price hikes. The Nigeria Labour Congress (NLC) and other groups have called on the government to reverse the increases, citing the devastating impact on the cost of living. For many, PMS prices under Tinubu represent a broken promise, as the president’s economic policies continue to deepen poverty and inflation in the country.

Economists and experts argue that the simultaneous removal of fuel subsidies and the floating of the naira has been a key driver behind the surge in PMS prices under Tinubu. They suggest that more targeted approaches, such as selling crude to local refineries at favorable rates, could help stabilize the market and bring relief to the population.

In conclusion, PMS prices under Tinubu have risen drastically, further straining an already fragile economy. With no clear end in sight to the price hikes, Nigerians are left grappling with higher costs for fuel, transportation, and everyday goods, as they await more sustainable solutions from the government.