Fuel price
EKO HOT BLOG reports that a former Kaduna Central Senator, Shehu Sani, has reacted to the increase in the pump prices of Petrol, known as Premium Motor Spirit (PMS), from 537 to 617 naira per litre.
This online media platform earlier reported that the Nigerian National Petroleum Company Limited (NNPCL) has again increased pump prices of Petrol across the country.
NNPC filling stations in Abuja witnessed brief queues, particularly the one located along Murtala Mohammed Express road in Kado remained shut for a few hours as the Petrol attendants adjusted their fuel pumps to reflect the new price.
Since President Bola Ahmed Tinubu’s government lifted the fuel subsidy in June, fuel prices have skyrocketed from N190/per litre to over N500/per litre.
In a tweet via his verified Twitter handle on Tuesday, Sani said the increase in the price of petrol is a result of the hike in the value of the foreign currency used for importation.
The former lawmaker said the new pump price is the economic reality Nigerians have to live with until a miracle happens.
He wrote: “Petroleum is imported with foreign currency. If the value of the foreign currency goes up, the price of petrol will go up, especially now with the removal of subsidy. This is the energy and economic reality we have to live with until manna comes or a miracle happens.”
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