The unexpected increase in the price of premium motor spirit (PMS) also know as petrol across Nigeria by the Nigeria National petroleum company NNPCL on Wednesday has put many Nigerians in difficult situation especially among the average and poor citizens.
Many Nigerians lament and says this is the worst economy situation experienced in Nigeria.
The Nigeria Energy company in charge of oil exploration and management of petroleum resources NNPCL has not commented on the sudden increase of roughly 15 to 20 percent seen at pumps nationwide.
This is making it the second time in a month and third in two months that the NNPLC has increased the price of PMS (petrol) in the country. The Nigerian National Petroleum Company Limited (NNPCL) acknowledged huge debts to fuel suppliers and announced a roughly 40-percent price increase to help its finances.
Nigerians already facing challenges from rising food prices and inflation to a weakening naira.
The increase on Wednesday was interpreted by many as the most recent budget-busting step as President Bola Ahmed Tinubu’s government pursues reforms aimed at reviving the most populous nation in Africa.
Ohaka Amaechi, a 56-yearo ld police driver waiting in line at a NNPC filling station in the commercial hub of Lagos, said “It’s biting everybody.” “We don’t have a choice, but the pricing is not very good. People are having difficulties surviving.
At that pump, the price had risen from N855 to N998 per litre ($0.53 to 0.62), while elsewhere prices topped N1,000 including in the capital Abuja and the northern state like kano.
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President Tinubu declared after taking office last year that his reforms were going to result in foreign investment and ultimately revive the economy.But since Tinubu stopped providing fuel subsidies and floated the naira, inflation in Nigeria has surpassed a three-decade high.
Petrol cost less than 200 naira a liter before to the reforms.
“I’m not sure if Tinubu is attempting to improve things,” stated Emem Bob, a 24-year-old sales professional who was waiting in line for fuel in Lagos.
We pay for transportation on a daily basis, yet our employers do not increase our earnings. Food costs would also go up as a result, she claimed. It impacts all individuals/
The Nigeria Labour Congress, one of the major unions in the nation, expressed its “dismay” at the raise and demanded its rescission
But rallies over economic hardship struggled to build momentum earlier this month following a deadly crackdown by the authorities on nationwide demonstrations in August. On the day of the poorly attended October protests, Tinubu gave a speech once again calling for Nigerians to be patient with his reforms