👤 Abdul Tukur, DENISAURUS News
The Federal Government of Nigeria has increased fuel price to over 151 Naira per litre, despite the pressure COVID-19 is having on the finances of its citizens.
In a press release seen by DENISAURUS News, the FG stated that the “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 (N151.56) per litre. This is effective 2nd September 2020.”
In Nigeria, the minimum wage is set at N30,000. Despite many loosing their jobs because of the pandemic, President Muhammadu Buhari’s administration increased the price of fuel from 121 to 151.
It is the third time in the past few months that the price of fuel has been increased by this administration.
In 2015, the then President Goodluck Jonathan increased the price of fuel to 87 Naira, causing many protesters to take to the streets in Occupy Nigeria.
Those against the new increment say that leading members of the country who took part in the demonstration in 2015, must come out to voice their de-satisfaction to the new price.
But it is not certain they will. Instead, there have been those who have spoken out in support.
The governor of Ogun State, Dapo Abiodun, believes the increase in electricity tariff and fuel pump price is necessary.
Governor Abiodun, who visited President Muhammadu Buhari at the Villa, argued that “a slight increase should be expected when the price of crude goes up.”
He said: “First, we want to enjoy lower prices when the prices of crude are low and then we do not want to pay for a slight increase when the price of crude goes up.
“The price of crude is directly proportional to the price of refined products. So, I believe that is what is happening at the moment.
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“On the electricity tariff, we all complain that we are not generating enough electricity and we all complain about the fact that we don’t have the right infrastructure to transmit electricity. We complain about the fact that the distribution companies do not seem to be efficient.
“The problem is because, perhaps, the pricing is not right.
“If you want people to invest in production of gas, in gas floatation, which our turbines and our power plants rely on, we must ensure that the entire value chain is profitable.
“This is because if one part of it is not profitable, that means there will be a shortfall in one of the value chains if we don’t have enough investment.”