Arewa Youth Assembly Calls For Calm Amidst Increase In pump Price Of PMS

The Arewa Youth Assembly has called for calm and understanding from Nigerians amidst increase in pump price of petroleum motor spirit.

This was contained in a statement signed by the Speaker, Mohammed Salihu Danlami and made available to THE WHISTLER.

Danlami noted that, the Assembly is aware of the present predicament Nigerians are going through, but added that this is the only way the country can forge ahead, guaranty the supply of the products and meet the day to day demands of Nigerians.

Furthermore, the speaker explained to Nigerians that the increase is not targeted at hurting anyone or making life more difficult, noting that it is only the market conforming to the present economic realities.

The statement reads in part, “Increase in price of crude oil in the international market has directly affected the price of pump price, this is so because we depend on importation of this product for daily consumption in Nigeria.

“As at when subsidy was removed, the international market price was $74.75 per litre compared to the price as at close of business yesterday which was $82.74 per litre. So it is only natural for pump price to go up in Nigeria.

“Another factor is the dollar to Naira exchange rate, our Naira has continue to weaken against the dollar, the currency used in purchase of the product in international market is the dollar.

“The marketers are to source for their dollar and make payments for the products. The dollar was N740 as at when subsidy was removed compared to what it stands now at N829 to a dollar.

“High transportation cost will definitely have an impact on the price of PMS, plus certain losses attributed to the transportation from depots to filling stations. Since removal of subsidy, marketers have been responsible for transporting the products, and that homogeneity in price is not there anymore, hence the fluctuations in price of PMS.

“Lastly, market forces are very much real and are directly affecting the petroleum market, when you buy at a price, as a bussiness man, the cost price determines the selling price, it’s not rocket science, its reality, the process of buying and selling are determined by these set of realities and are bound to affect the price of the products either positively or negatively.

“On this note, we appeal to Nigerians to remain calm, employ perseverance and should try to understand the current reality. The NNPCL is working round the clock to make sure that the best get to Nigerians with respect to the supply of the product and its affordability as the price can drop as low as possible depending on the market realities.”