There was widespread anger by Nigerians, on Tuesday, following the hike in the pump price of Premium Motor Spirit, popularly called petrol, by the Nigerian National Petroleum Company Limited and other oil marketers across the country.
In Abuja and Ondo State, for instance, the cost of petrol jumped from about N537/litre to between N617 and N630/litre, forcing the cost of transportation to skyrocket within hours, and leaving thousands of passengers stranded in many cities.
The Nigeria Labour Congress, Trade Union Congress and many other citizens lambasted the President Bola Tinubu-led Federal Government for being so tough on citizens by allowing the continued hike in the price of petrol.
Although the NNPCL and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, both Federal Government entities, explained that market forces caused the hike in petrol price, since the commodity had been fully deregulated, Nigerians expressed frustrations over the continued sharp increase in the cost of the product.
Read the full story on PUNCH NEWS
See also: NNPCL Increases Petrol Pump Price to N617
See also: Nigeria’s Inflation Skyrockets to 22.79% Amid Fuel Subsidy Removal, High Food Prices
The National Bureau of Statistics (NBS) has reported that Nigeria’s annual inflation rate increased to 22.79% as at June, 2023
This is contained in the latest CPI report released by the National Bureau of Statistics (NBS).
The consumer price index (CPI) measures the rate of change in prices of goods and services and farm products.
According to the NBS, the June 2023 inflation rate showed a significant increase of 4.19% points compared to June 2022.
See also: NNPCL Blames ‘Market Forces’ for Fuel Price Hike
Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), has stated that the recent increase in petrol pump price from N540 to N617 per litre is a result of market forces.
Kyari made this statement after a meeting with Vice President Kashim Shettima at the Presidential Villa in Abuja, where he spoke with State House reporters.
According to him, the price increase is not due to a shortage of petrol supply. He emphasized that the fluctuation in prices is a natural outcome of market dynamics
