Breaking: Amidst falling oil price, 82 million citizens under poverty, Buhari jacks up petrol price

The Pipelines and Product Marketing Company (PPMC) has finally bumped up petrol pump price.

The subsidiary of the Nigerian National Petroleum Corporation, NNPC, announced it in a statement signed by D.O Abalaka of the PPMC.

According to the statement, the new price adjustment has been effected.

“Please be informed that a new product price adjustment has been effected on our payment platform,” he said.

“To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.”

Since the partial deregulation of that part of the oil industry, he petroleum Products Pricing Regulatory Agency, another arms of the NNPC, has been fixing petroleum prices every month.

The last price before the current increase was N148-50—up from N143.80k in July.

Nigeria runs a fossil-fuel driven economy, and the citizens, about 40 percent of them living below the poverty line, according to the NBS, strain to spend so much on fuelling.

The current situation has been worsening since the covid-19 pandemic disrupted the recovering oil market.