Nigerians across all walks of life have condemned the new pump price announced today (Wednesday) by the Pipeline and Product Marketing Company.
The PPMC, in an internal memo, indicated that the pump price of petrol has been moved from N148 to N151.56 per litre with effect from September 2.
The internal memo that was issued by the PPMC, Ibadan depot, to all stakeholders on September 2, signed by the Depot Manager, D.O. Abalaka, read in parts, “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 is now one N151.56 per litre. This is effective September 2.”
However, residents of Oyo State in particular, and Nigeria as a whole have described the development as sad and ill-timed.
Mr Debo Adebiyi, an entrepreneur and business consultant, who described the decision as wrongly timed, said, “It will have multiplier effect. There is the problem of epileptic power supply. It will affect cost of production. Producers will react by increasing the price of products.
The purchasing power of salary earners would be adversely affected. The cost of products and services would also skyrocket and thereby put pressure on the citizens.”
Head Pastor, Cornerstone Baptist Church, Rev. Adegboyega Abifarin, said this is shocking because it is unexpected at this time when the country is under the weight of economic meltdown occasioned by COVID-19.
“The people have yet to recover from the effect of the economic crisis being experienced. Just as we are trying to adjust to the reality, we are being dazed with the increase in pump price. This is not good at all. My advice to government is that they should review the pump price.”
Mrs Abiodun Olatidoye, a school teacher, said, “The effect of the decision would be too much for the citizens to bear. It is not as we are having the salary already; now, it is like adding extra burden. I don’t know if there is anything that government can do to help us. It is not as if we are really getting the salary and most people are not government workers.
“Most businesses are closing down because of the pandemic. This is just a wrong time to do it.”
