More Pains For Nigerians As Govt Increases Price Of Petrol

Even when Nigerian citizens are still battling with the economic realities imposed by COVID-19 and the country’s poor leadership approach to governance, the Federal Government, on Wednesday, increased the pump price of petrol.

This was done through the regulatory body, the Pipeline and Product Marketing Company (PPMC), which upped the cost of petrol from N125 to N151.56. 

D.O Abalaka of PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), conveyed the latest increment in a circular to depot owners in the country which was obtained by journalists.

The circular reads: “Please be informed that a new product price adjustment has been effected on our payment platform. To this end, the price of Premium Motor Spirit (PMS), fuel), is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per liter. This takes effect from September 2, 2020.”

Meanwhile, no sooner was the increase announced than marketers of the product started adjusting their pump prices.  

It’s likely that the new pump price, which came a day after another increase in electricity tariff, would draw the civil society groups and the Federal Government into battle lines.

Nigerians are worried that the skyrocketing prices of energy in recent times were needless given the excruciating pains COVID-19 had caused to their standard of living.

Observers had picked holes in the Federal Government’s recent deregulation of the downstream sector, saying it does not align with its role of fixing fuel prices.