The pump price of the Premium Motor Spirit (PMS), according to the Petroleum Products Pricing Regulatory Agency (PPPRA) in its March template, is N212.6 per litre. This is an indication of a subsidy of N50.61 per litre since the only importer of the product- the Pipelines Products Marketing Company (PPMC) has not notified marketers on upward review of the pump price. Nigerians have described the increase as callous.
The PPPRA has said in a deregulated market, it is only the marketers that peg their product price. But the Federal Government has insisted through the Nigerian National Petroleum Corporation (NNPC) that there will be no petrol price hike in March. According to the template, expected ex-depot price is N206.42 while the landing cost is N189.61 for the month of March, 2021.
Prices of the Premium Motor Spirit(fuel) has been on the increase in the last one year. The federal government had said that it was no longer going to subsidise prices of petroleum products. Subsidies on diesel and Kerosene had been removed.
Meanwhile, Nigerians have condemned the purported increase in the pump price of premium motor spirit (PMS) also known as petrol by the Federal Government to N212.61 per litre. The increment is eliciting reactions from angry Nigerians. Many lamented the increase will affect the prices of goods and services, which will inflict another round of hardships on Nigerians.
Reacting to this, millions of Nigerians took to the micro blogging sites on Friday, (Twitter) and (Facebook) to condemn the price hike.
Social media influencer, Aproko Doctor said, “Food prices before now have been out of reach for many Nigerians then you add #FuelPriceHike on top of it which will further drive up prices of things across the board.
“Yet, the average Nigerian’s earning has not increased… How exactly do we want to bring people out of poverty?
Another user, Ife Chuk said: “We woke up this morning only to see fuel price at N212 per litre. Before 2023, you may wake up to see the Chinese people coming to occupy your properties as collateral.
Odunlade Adekola tweeted: “Waking up to #FuelPriceHike @ N212 is very bad news. I urge the Buhari led administration to reverse this. We are suffering enough already”
@ThisIsPOU said: “In 2015 under a corrupt govt, 10 litres of fuel was N870:00… In 2021 under a reformed govt fighting corruption, 10 litres of fuel is N2,120:00
@pie4sure said: ”Landlord too will increase house rent #FuelPriceHike”
Hassan Ibrahim while reacting to The Nation’s news feed on Facebook said: “Nigerians should expect worse than this, when irresponsible elements are in the power corridor. No mercy, no sympathy on Nigerian masses. May Almighty Allah rescue us.”
Chidi Chigozirim, said: “If you were among those that voted for this government, you should be very prayerful because normally e no suppose better for you…You should be having bad dreams every night”
Source: Drumnewsonline with reports from The Nation
