The federal government of Nigeria has increased the pump price of petrol amidst the soaring prices of food and insecurity. NNPC’s petrol stations across Nigeria increased their pump price of petrol from about N600 to about N868 and above. See prices per region below.
No official reason for the increase has been given, but the state-owned oil firm recently lamented that it could no longer sustain the petrol price. NNPC Ltd. is currently the sole importer of petrol into Nigeria.
This recent hike in the price of fuel is considered insensitive by many Nigerians as the minimum wage is still the same when fuel was N87/litre and N187 was equivalent to $1. As at today N1605 is same as $1 and pump price is up to N940 in certain parts of Nigeria.
In addition to this, there is shortage of food due to high cost of transportation, products and services. However, the most challenging factor mitigating against food production and supply in Nigeria is insecurity. There has been several accounts of bandits kidnapping farmers for ransom. In other parts of Nigeria, bandits have demanded tax from villagers and farmers so they will not be kidnapped. So less and less farmers are farming.
With the increased price of petrol, it is expected that prices of products in the market will increase considerably as the increased price of transportation and production will be transferred to the consumer who buy the final products.
What is you opinion on this?
