Leading socio-cultural organizations in the country have warned the Nigerian government against possible consequences of the recent increase in Premium Motor Spirit, PMS, pump price, insisting that it should return to old price.
Ohanaeze Ndigbo, Afenifere, and Arewa Youths in separate chats with reporters, said failure to revert to the old pump price would have grave consequences on both the government and the populace.
Reports stated that Nigerians woke up on Tuesday to find an overwhelming increment in fuel pump price, rising from around the previous official N600 to over N855 per litre.
The Nigerian National Petroleum Company Limited, NNPCL, blamed the petrol hike on market forces.
In some states, the product is currently sold as high as 1,400, worsening the country’s inflation.
The development has further worsened the nation’s economy, with prices of goods and services skyrocketing almost hourly.
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