Credit: https://trendingnigeria.com

It is unfortunate to hear that the price of petrol in Nigeria has risen again due to the continued decline of the naira and growing inflation in the country.

This is the second significant jump in the price since May 29, when President Bola Ahmed Tinubu announced that the fuel subsidy was gone.

Prior to the increase, petrol sold at N484 to N488, but now, the price has jumped to N565 in Lagos and higher in other cities like Abuja, Port Harcourt, Jos, and Jigawa.

The increase in fuel price is expected to negatively affect the price of goods as predicted by economists, which has also been borne out by the latest inflation figures released by the country’s bureau of statistics.

It is good to hear that some oil marketers have commenced the importation of petrol, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority has encouraged others to import the product as well to displace NNPC's dominance in the market.

The government's proposed N500bn palliative to cushion the effect of the removal of petrol subsidy is also a welcome development, especially as hardship is biting hard due to an increase in the price of commodities.

The funds are expected to be transferred digitally to 12 million households within six months, which is expected to have a multiplier effect on about 60 million individuals.

Source: https://www.trendingnigeria.com/2023/07/breaking-news-shocking-fuel-price.html

Perfect storm

It's very unfortunate!