Motorists and consumers of premium motor spirit (fuel) have witnessed a significant increase in pump price especially towards the end of May.
This has had an implication in the daily activities of Nigerians as life became harder during this period.The increase has been attributed to several factors which the federal government and corporate groups have reacted to.
The Nigerian Labour Congress (NLC) raised a major concern while also agitating for a national action to find a lasting solution to curb the seasonal occurrence.
However, the federal government through the Ministry of petroleum resources has stated that the price adjustment is necessary to reflect the current realities of the global oil market.
It has however noted that global crude oil prices, Naira depreciation and supply chain challenges have been attributed to the increase in pump price.
The Minister of petroleum resources Timipre Sylva noted that “we understand the hardship this may cause for Nigerians, but it is essential to ensure the availability and supply of fuel.”
The petrol hike in price on May 28, 2024 has placed significant strain on the Nigerian economy and its citizens as analysts and pundits including columnists plead for government timely intervention.
