Nigerians Reject High Fuel Price, Demand Change
Nigerians have decried the persistent increase in prices despite the broad-based economic uncertainties that are about to plunge the nation into a second recession in four years.
The Buhari led administration had adjusted the fuel pricing template to reflect market price during the peak of COVID-19 pandemic when oil price plunged below $20 per barrel in April.
However, the rebound in fuel price to $45.2 per barrel as economies gradually reopen means Nigerians will now be paying more for the same fuel consumption. A situation Nigerians have rejected despite been the ones calling for the removal of fuel subsidy.
Again, the timing is also a big issue especially after recent reports from the National Bureau of Statistics (NBS) showed the nation’s unemployment rate rose to 27.1 percent with inflation hovering around 12.82 percent and the Naira exchange rate at a four-year low of N440 to a US dollar on the black market.
Other factors like the poor business activities in the manufacturing sector, VAT increase, additional charges imposed on flight tickets and imports at a time when Nigerians are struggling to stay alive forced many Nigerians to call for protests against an inconsiderate government.
Also, the lack of clear policy direction despite the numerous weak economic data continues to hurt economic sentiment and outlook as both foreign and local investors are holding back on new investments that would have helped ease the high unemployment rate and support consumer spending.
On Wednesday Nigerians finally said enough is enough after D.O Abalaka, the lead sales -Ibadan Depot, said Pipelines Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, has adjusted pump price again.
Abalaka said, “Please be informed that a new product price adjustment has been effected on our payment platform”.
“To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.”
He added that “This takes effect from September 2, 2020.”
The announcement was made a day after the electricity tariff was adjusted to reflect consumption and not the fixed rate adopted previously.
Some of the aggrieved Nigerians have taken to their Twitter handles to call out President Buhari led administration on the persistent increase in prices.
Reno Omokri, a social commentator, said “If anyone had told me that General @MBuhari would increase fuel price to ₦162 and:
* @ObyEzeks
* Mbaka
* Soyinka
* Tinubu
* Oshiomhole
“Would be silent, I would have called them a liar. Alas, those who shut down Nigeria in 2012, have today shut their mouths!.”
Motivated George said “Fuel price is up, Electricity fee is up, Inflation rate is up 13%, Our government still want to use tax to kill us. We are all tired. So, as Nigeria marks her 60th anniversary this October, what would you say to Nigeria if she was a person? Use #OrijinalTalk talk in your reply.”
However, one Adejumo Abayomi, a President Buhari supporter, disagreed. He blamed PDP that sold the nation’s power companies for signing a poor agreement with the buyers.
“They sold DISCOs to themselves, and keep receiving 40% electricity tariff subsidy,” Abayomi stated.
He added that “They closed d deal with condition that will cost us $8b should we cancel d deal. Many of these @OfficialPDPNig men who were active during the signing are now blaming @MBuhari. Are they okay?.”
