While Nigerians are still struggling to adapt the increase in the Price of Premium Motor Spirit (PMS) popularly called Petrol, the Nigerian National Petroleum Company Limited (NNPCL) has further jerked up pump price of the product to N617 per Litre in the early hours of Tuesday 18th July, 2023.
A cross section of Nigerians couldn’t hide their anger and frustration to the price hike describing it as a wrong move which they said will further increase the hardships being faced in the Country.
While few are of the opinions that fuel subsidy removal was a welcome development, they want to comprehend the rationale behind the price hike that became effective today.
To many, the decisions to remove subsidy in May, 2023 from N195 to N537 and further jerk the price to N617 were not the best at this critical time when the economy is yet to stabilize, considering the high inflationary rate being witnessed in Nigeria.
It will be recalled that the National Bureau of Statistics (NBS) hinted that the Nation’s inflation has hit an all time high rate of 22.79% in June, 2023 as against the 22.41% recorded in May, 2023.
While Nigerians are still struggling again to cope with the high cost of goods and services occasioned by the inflation, they are being hit again as they will now buy Petrol at N617 per litre.
Some Nigerians said they expected His Excellency President Bola Ahmed Tinubu to put the deteriorating economy and security in good shape before the fuel subsidy removal and the increase in price of PMS.
Others said considering the high cost of living, low standard of living, poor health standard and low per Capita income in the Country, the decision to remove subsidy on PMS and increase the price of the product is not wise, harsh and unfriendly at this time. To most Nigerians, increase in price of PMS will affect the prices of goods and services in the Country which will further expose the citizens to more hardships and poverty.
They said people will have to exorbitantly for goods and services in the coming days.
Some hinted that while minimum wage remain abysmally low, prices goods and services are skyrocketing on daily basis with no solution in sight to tackle the persistent increase.
The Nigerian Union of Journalists said “We believe that this sudden decision is an overkill, and we urge that the situation should be reversed immediately while adequate measures are considered and put in place to lessen the effects on ordinary Nigerians”
Some said they look up to the Organized Labour to kick against the price hike and if possible go on Nation-wide protest to call for the reduction of the price of the product.
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