With yesterday’s increase in the pump price of fuel, Nigerians have fumed leaving so many worried as to what will become of the price in the coming months. While the panic buying is going on in one corner, large crowds were seen along some major streets trekking in the early hours of Wednesday due to the hike in transportation and scarce vehicles.
After President Bola Tinubu declared the end of the fuel subsidy in his inauguration speech on May 29, 2023, there didn’t seem to be any relief for Nigerians.
Petrol prices increased from N184 to N500 at the pump as a result of the news. After almost two months, on Tuesday, July 18, 2023, the price increased from N500 to over N617, which infuriated and outraged residents who were still struggling economically.
Some Nigerians have also called on the president to fix at least one refinery in the country or give licenses to private people to refine petrol.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Wednesday said the pump price of petrol was increased for them to remain in business.
IPMAN President, Chinedu Okoronkwo stated that petrol marketers need to sell their old stocks at the new price to remain in business.
He stressed that many IPMAN members have gone out of business due to the removal of subsidy on petrol as they were unable to raise money to load from depots and the Nigerian National Petroleum Company (NNPC) Limited.
Okoronkwo said with the price adjustment by the NNPCL, independent marketers had no choice but to raise prices at retail outlets to match the reality of the times.
What is your take on the increase in pump price?