On Tuesday morning, the residents of Ibadan woke up to an unwelcome surprise—an increase in the pump price of Premium Motor Spirit, commonly known as petrol.
The product is now being sold at N617 in NNPCL stations, a significant jump from its previous price range of N500 to N510 in the Ibadan area. This sudden price hike has left many residents concerned about the potential hardships it may bring, such as increased transportation costs and higher food prices.
According to reports, some residents believe that this “unannounced increment” is a deliberate strategy to diminish the purchasing power of Nigerians and exacerbate hunger in the country.
They criticize the government for not providing necessary palliatives before removing the fuel subsidy, arguing that it threatens the well-being and standard of living of the citizens.
In light of these circumstances, the residents are appealing to President Bola Tinubu to take action. Their requests include increasing the minimum wage, providing meaningful palliatives, and expediting measures to alleviate the hardships faced by Nigerians at present.
It is worth recalling that on May 31, Garba Muhammad, the Chief Corporate Communications Officer of NNPC Ltd., announced the adjustment of the pump prices of PMS across NNPC’s retail outlets from N197 to N537. This adjustment was purportedly made to reflect the prevailing market conditions at that time.
