Nigerians kicked against the increase in the pump price of petroleum product to N138.62 per litter by the federal government, saying it was ill-timed.
The downstream subsidiary of Nigerian National Petroleum Corporation (NNPC), Petroleum Products Marketing Company (PPMC), has fixed the ex-depot price of premium motor spirit (PMS), known as petrol at N138.62 per liter, new price would come into effect from August 5,2020.
The ex-depot price is the price at which depot owners sell the commodity to retail outlets.
In a memo signed by the Manager Sale of the PPMC Muhammad Bello in Abuja on Tuesday, the new price would come into effect from 5th August 2020.
The PPMC also put the ex-coastal price of the commodity, which is the price at which the product is sold to depot owners, at N113.70 per litter.
An economics in Gombe, Malam Anas Kubalu says the increment in the pump price is not new in Nigeria as the price is always fluctuating.
‘’ the price of the fuel is deregulated and is going to affect the lives of the common man,’’
Also, the public transport owners and some drivers’ expressed dismay over the increment in the pump price of the fuel.
“My name is Mustapha Yakubu , I am a Driver , to be frank the increments of fuel price would affect me and my passengers , impact they won’t pay efficiently”.
“I am kabiru Ibrahim a traveler; I’m opposing the move of oil price increments, if that happen we might experience a serious inflation”.
However some of the traders described the increment as surprising especially in this crucial time.
“I’m Abubakar Muhammad, a yam seller; to me it will add more suffering from covid 19 and economic crisis”.
My name is Abubakar, I used to drives from Gombe to Abuja, please government should do something about that, because we have family, if the fuel increments put in place we don’t know what to do .
From the foregoing, it is expected that oil marketers will adjust their pump price to between N145 to N155 per litter.
