The pump price of Premium Motor Spirit (PMS) popularly known as petrol has risen to ₦257 per litre in the month of January alone.
The increase in the price of petrol is about 55% and many Nigerians are struggling hard to be able to afford the price in the face of naira scarcity occasioned by the Central Bank of Nigeria’s naira redesign policy.
It was gathered that while members of the Major Oil Marketers Association of Nigeria and the NNPCL Retail outlets, sold the product at ₦185 per litre to consumers, members of the Independent Petroleum Marketers Association of Nigeria, sold PMS between ₦200 and ₦250 per litre.
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However, the Nigerian Bureau of Statistics (NBS) in its Premium Motor Spirit (petrol) price watch for January 2023 stated that on average, Nigerians paid the sum of ₦257.12 per litre for the product.
The report noted that the average price in January 2023 was an annual increase of 54.52% and a monthly increase of 24.70%.
While the price of petrol is rising, the cost of live is shooting to match up. However, salaries are losing value.
