Following the increase in the pump price of Premium Motor Spirit, also known as petrol, many Nigerians on Friday slammed the President, Major General Muhammadu Buhari (retd), for the development.
Those who knocked the President included a leader of the Yoruba socio-political group, Afenifere, Chief Ayo Adebanjo; a former Minister of Education, Dr Obiageli Ezekwesili; a former presidential aide, Dr Umar Ardo; and a former Director-General of the West African Institute for Financial and Economic Management and former Vice-Chancellor of the University of Uyo, Prof Akpan Ekpo.
They described the Buhari-led Federal Government as insensitive to the plight of Nigerians, saying the citizens were already dealing with a myriad of issues such as unemployment, poverty, inflation, amid the COVID-19 pandemic.
Also, based on the development, associations such as the Lagos Chamber of Commerce and Industry, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, and Manufacturers Association of Nigeria have predicted that the times ahead would be tougher.
They said the increased petrol price would worsen inflation and poverty, as well as lead to the collapse of many businesses.
With the latest hike, petrol price has increased by about four times in 2020. It had risen from N121.50–N123.50 per litre in June and N140.80-N143.80 in July and N148-N150 in August.
Following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.
However, again on Friday, the pump price of petrol was hiked — after the Petroleum Products Marketing Company, a subsidiary of the Federal Government-owned Nigerian National Petroleum Corporation increased the ex-depot price of petrol from N147.67 per litre to N155.17 per litre.
The PPMC, in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali, said the new ex-depot price would take effect from Friday.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.