Hard time for consumers over fresh petrol price hike

Nigerian consumers have been slammed with a hike in pump price of petrol. Consumertrics gathered that new price for Premium Motor Spirit, popularly known as petrol, will now be between N170/litre and N190/litre at filling stations across the country.

Officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and oil marketers reportedly met Thursday, where the decision to hike price was agreed on.

Mike Osatuyi, the national operations controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN) allegedly confirmed the price change. He was quoted in a report as describing the hike as a “market fundamentally determined price.”

“Petrol now sells between N175-N180 per litre depending on the area, ‘’ he told The Punch.

The price hike will further drive up already rising transportation cost, prices of consumables, and, of course, worsen food inflation facing Nigerians.