Petrol pump price increase in Nigeria: The Economic Impact

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In less than 48 hours the price of petrol increased in Nigeria, a sudden increase in the cost of living was experienced. A lot of lamentations and complaints have been made by the poor masses. The price of petrol per litre was initially at 145 NGN but it increased by almost one hundred percent to 250 NGN. Reasons for this spike in price one cannot say. Could it be that some forces just decided to hoard a greater percentage of petrol to maximize their gains? This I can't say but the situation isn't a funny one.

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Petrol is very key to economic activities in Nigeria being that there is no such thing as steady power supply. So, depending on Nigeria's power supply means your business will definitely suffer defeat. So, almost every person using petrol in one way or the other; the more reason it's price should be moderate. When this present took over, they promised to make petrol pump price lower than 87 NGN it was. Sadly, the reverse is the case as the price has been increasing instead.

If there's no price reduction soonest, then things will get really hard for a lot of persons. I mean, a distance cab drivers usually collect 50 NGN, they are now charging 100 NGN and where charges was 100 NGN, it is now 150 NGN. Very sad and funnily enough, there is no increase in people's salary; the only thing that keeps increasing is petrol pump price. Not just in transportation fares alone, food prices and other essentials are also increasing.

Isn't it sad that a country with a large reserve of crude oil is the same country citizens can get petrol at moderate rates? It's a really sad situation and the government really need to look into this case. I read a news that said that the president didn't know petrol price per litre had increased; very funny judging that the president is also the minister of petroleum in the country.

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2 comments
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That's all we get as dividend of democracy when the resources of the people are controlled by a few hands. That's why we need more of decentralization.

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Exactly! It's more like a few persons are in-charge of everything in the nation. It's really sad

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