According to reports, marketers of Premium Motor Spirit PMS, popularly known as Petrol have increased the pump price of the product following shortage. The new pump price across many filling stations is N170. This is a 4.9% increase in the price PMS.
According to a report by Punch NG, petrol stations in Ogun and Lagos States have already implemented the increase.
According to Mr Mike Osatuyi who is the National Operation Commander Independent Petroleum marketers, the association was forced to increase the pump price because the price also increased from the depots. They now buy petrol from the depots at around 160 - 161 per litre.
This 4.9% increase in the price of fuel would definitely affect Nigerians adversely. This is because the new price would trickle down to the average Nigerian. Petrol is the fuel used by the majority of vehicles in Nigeria, only the heavy duty trucks use diesel. This means that the cost of transportation is also expected to increase.
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