Fuel Price Hike Will Worsen Economic Hardship, Nigerians Lament

Nigerians have decried the increased price of petrol to N151.56 per litre by the Petroleum Products Marketing Company, saying that it may further heighten hardship faced by the common man.

PPMC on Wednesday effected the adjusted price from N138.62 per on its payment platform.

A visit to Mobile filling stations reflected the adjusted price as customers pay N152 per litre.

However, experts have opined that the high cost of fuel price will affect both social and economic activities.

Suru Bashir, a yam trader in a chat with THE WHISTLER, said that the increased price of petrol will also lead to increase in the cost of most food items.

He said transporting the commodities from the point of purchase to the place of the business will increase also.

“I do not think this is a right move at this time, when the average Nigerian household is still battling to survive the impact of the COVID-19 on their income,” he said.

He further explained that the increase will also affect purchasing power of the Naira, adding that each time there is an increase in the pump price of fuel, the value of naira depreciates, leading to a higher level of financial burden among Nigerians.

He added,”The increase in the pump price may lead to an increase in poverty level in Nigeria. Hence posing a challenge to the long term vision of reducing poverty in the country”.

Also speaking to THE WHISTLER, Aliu Hassan, an Abuja based economist, said that the issue of increased fuel price is always a concern for everyone even when the increase is only marginal.

“Increased fuel prices is always an issue for the common Nigerian, in cases where the cost of fuel is expected to double, the increase in transport fare will be astronomical. This will in turn affect everything else such as school fees, house rent, just name it.

“In addition to school fees, house rent, the cost of food item will also increase with removal of fuel subsidy and, for all sane people, this is where the trouble is.

“This is a fact we must accept and it is one reason why the implications of all policies must be rigorously scrutinized before decision is taken.”

He called on the government to address the issue facing the refineries adding that this would help reduce persistent increase in the price of petrol.