Nigeria's state oil company has raised fuel prices on Wednesday, further straining the budgets of citizens already grappling with a rising cost of living.

The recent hike in fuel prices across Nigeria has compounded the economic struggles faced by citizens, as the prices surged between 15% and 20% at gas stations. This marks the second increase in just over a month, following a previous 40% hike in early September. The Nigerian National Petroleum Company (NNPC) has not provided an explanation for this latest increase, which has left many Nigerians frustrated as they already grapple with soaring inflation, rising food costs, and a depreciating naira.

As prices at some pumps soared to over 1,000 naira per litre (approximately $0.62), individuals like Ohaka Amaechi expressed their despair, highlighting how the situation is "biting everybody." Many citizens are feeling the pinch, with one young sales representative noting that the rising transport costs will also lead to higher food prices. The Nigeria Labour Congress has voiced its dismay at the price increase and is calling for its reversal.

The economic turmoil follows President Bola Ahmed Tinubu’s decision to end fuel subsidies and float the naira, measures intended to revitalize the economy in the long term. However, these reforms have led to record-high inflation and worsened living conditions for many, prompting calls for patience from the president amid mounting public dissatisfaction. Rallies against the rising cost of living have struggled to gain traction in the wake of government crackdowns on previous demonstrations.