More Pains, As Fuel Price Hike Hits Hard On Nigerians
. Filling Stations Sell Between N568 – N610 Per Litre
By Abimbola Abdullahi
Nigerians woke up today to yet another increase in the pump price of Premium Motor Spirit( PMS) otherwise known as petrol which has further increased the unbearable pains being inflicted on them by the harsh economy.
The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the pump price of petrol to N568 per litre in Lagos and N617 per litre in Abuja respectively.
The filling stations have immediately effected the new price. However, some of the independent marketers visited by SlyeNews had shut their stations.
The new pump price was a fall out of the increase in the ex-depot price of the product and the purchase of the new stocks due to the hike in the foreign exchange.
The former price, after the removal of subsidies hover around N492 to N510 per liter.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) had in June projected that the pump price of PMS would rise to N700 due to the floating exchange rate regime adopted by the Federal government and the price increase in ex-depot.
Ex-depot price is the price at which marketers buy products at the depot and it determines the price at which they will sell to motorists.
Motorists reacting to this development felt very sad and urged the Federal Government to act swiftly to save the masses from the pains of subsidy removal.
A tricycle rider, Akanji Adeleke told SlyeNews that the removal of subsidy has created hardship for transporters. He said before now he spent around 3,000 of fuel daily, but now he spends about N10,000 daily on fuel.
“What will now be my gains after buying N10,000 fuel. Agberos will collect their charges, and the police will harass us. We will do maintenance, how much do you think we will take home at the end of the day. We are just working to get daily food,” he said.
A fuel marketer, who preferred to speak on condition of anonymity, said the prime hike is not their fault, but it was the demands of the economic indices, such as international oil prices and exchange rate.
He enjoined the Federal Government to look critically into the matter and find a lasting solution to rising fuel prices.
He urged the government to come up with better measures to cushion the effect of fuel subsidy removal on the masses, rather than sharing money.
There is no official communication yet on the sudden development as at press time, but the fillions have started selling at the price.
Available statistics showed that in the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone.
This according to the Federal Government FG will save close to N6.7 trillion if fuel subsidies payment is discontinued.
Nigeria has spent N13.7 trillion on fuel subsidy in the last 13 years, according to Nigeria Extractive Industries Transparency Initiative.
Recall that President Tinubu in his inaugural speech on May 29 this year declared that the fuel subsidy is gone.
