Earlier today, it was reported that a liter of petrol has reached its highest since independence, settling at N1,200 per liter. The increase can be attributed to the removal of fuel subsidy by President Bola Ahmed Tinubu on his inauguration day.
However, Nigerians are not comfortable with the recent news, as many found it difficult to travel due to meet their loved ones during the Christmas and New Year break following the cost of transport fares, and even those who travel will find it hard to return following the hike in petrol prices.
BusinessDay findings reveal that even though official pronouncements remain elusive, independent marketers’ murmurings about a potential increase in the pump price of petrol to N1,200 per liter have sparked a wave of apprehension across the country.
The hike in the price of petrol is reportedly driven by different factors, including the rising cost of crude oil in the international market, the fall of naira against the dollar, and the increased cost of distributing petrol within Nigeria.
Speaking with PUNCH, Ukadike Chinedu, the national public relations officer of the Independent Petroleum Marketers Association of Nigeria, said,
- So, if you consider the cost of diesel, the dollar, and other international factors, the petrol price in Nigeria should be around N1,200/liter, but the government is subsidizing it, which, to an extent, is understandable.
Reactions From Nigerians on the Rise in Petrol Pump Price
“My daily transport already eats up a quarter of my salary,” Adeola Owoye, a staff member in one of Nigeria’s commercial banks, said on X, formally known as Twitter. “If this hike happens, then what? Walking to work isn’t even an option with the distance and safety concerns.”Read more: https://www.investingport.com/fuel-pump-price-hits-n1200-record-high-despite-renewed-hope-budget/