Anger over 31 percent spike in Nigerian fuel price
By John Eche
Palpable anger is in the air in Nigeria over Wednesday’s announcement of a further spike in fuel price in Nigeria, The Difference checks have revealed.
According to computations made by the Economic Intelligence platform, StatiSense, the cost of petrol, the most widely used fuel in the country was N123.50 in May, 2020. In June, it moved to N123.50 and by July, it was hovering between N140.80 – N143.80.
In August, the price was N143.50 – N148.50 and now in September, it has climbed to N160 – N162.
With this progression, fuel price in Nigeria has increased by 31.2% or a total of N38.5 since May 2020.
The spike has triggered a groundswell of criticism from the opposition, civil society and the general public with many wondering how the government expects citizens to cope with the new cost pressures that it has invariably triggered.
On its part, the administration and the ruling party have defended the increase saying that Nigerians should at least appreciate the fact that product availability is being guaranteed.
Analysts say that one of the immediate outcomes of the price spike would be another likely increase in Nigeria’s inflation rate that is already put at 12.8 percent. With food prices also continuing to rise, many are now waiting for where the much needed succour would come for the people of the nation.
Nigeria’s President Muhammadu Buhari