The Aare Onakakanfo of Yorubaland, Iba Gani Adams, has urged the Federal Government to rescind its decisions on the recent increase in the pump price of Premium Motor Spirit, also known as petrol, and electricity tariff.
Adams, in a statement by his Special Assistant on Media, Kehinde Aderemi, in Lagos on Thursday said the hike in petrol price and electricity tariff would multiply hardship of the masses.
According to him, many Nigerians are finding it difficult to survive the economic effects of the COVID-19 pandemic already.
He said: “The hardship that will result from the increase in pump price of petrol and electricity tariff will, for a long time, affect the people of this country.
“With this sudden increase, the price of every commodity will definitely reach the rooftops and this will be more felt particularly at a time like this when the world is still battling with the COVID-19 impasse.
“Electricity is life, I know how much I pay daily as tariff on electricity, an average and low income earner in Nigeria cannot cope with the sudden increase.”
Adams noted that the timing for hike in prices should be taken into consideration in re-addressing the issue.
He said: “It is ill-timed, however, we strongly appeal to President Muhammadu Buhari and the National Assembly to reverse the price in the interest of the masses.”
Adams urged the Federal Government to continue to protect the interests of ordinary Nigerians.
NAN reports that the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, on September 2 announced a new ex-depot price of N151.56 for petrol.
Ex-depot price is the price marketers buy products from depot owners and an increase or reduction in ex-depot price determines the pump price of petrol by marketers.
Going by the prevailing market fundamentals, the pump price of petrol is now between N158 and N162 per litre in the country.
Follow The Eagle Online Channel on WhatsApp
