The people of Calabar have decried the increase in the pump price of Premium Motor Spirit (PMS), saying that Nigerians are in a state of economic hopelessness.
The residents spoke to the News Agency of Nigeria (NAN).
The News Agency of Nigeria (NAN) reports that NNPC Retail Management had on Tuesday approved an upward review of the pump price from ₦617 per litre to ₦897 litre, effective from September 3.
This is amid economic hardship and persistent fuel scarcity.
Checks by NAN revealed that the NNPC retail stations immediately adjusted their pumps and totems (price boards), reflecting the new PMS price of ₦897 as against ₦617 perlite.
The hike which came amid lingering scarcity of the product in the nation has been attributed to claims by NNPCL that it owed its suppliers more than six billion dollars.
Dr Efio-Ita Nyok said before now, cost of living was high for Nigerians but the trajectory was showing that it would be harder as the increment would have all-round, overwhelming, negative consequences.
Nyok said immediately the pump price was increased, and every other thing including the price of transportation increased.
“It is annoying that the price of goods and services, interest and inflation rate, fee for unity schools, tariff for power among others are all increasing without a commensurate increase in the earnings of Nigerians.
“This shows that Nigerians are in for a very long and bumpy ride with the present administration.
“While the present situation is unfortunate, I am not totally surprised because this administration did not promise much during the campaigns and they skillfully avoided most of the debates,” he said.
Similarly, John Nsan, a farmer said increasing the pump price meant creating a more inflationary situation in the nation.
He said that the hike in price would lead to more hardship as a result of an increase in the price of goods and services and this would double the suffering of the average Nigerian.
“When the product was sold for N591 in NNPCL retail stations, others were selling for between N850 and N950 here in Calabar and things were already difficult for the people. How much will they sell it now that it is sold officially for almost ₦1,000?" He said.
NAN observed that there has been a marginal decrease in the number of vehicular movements in the city with more people choosing to trek some distance to cut cost.
Also, the few stations selling PMS sell for between ₦950 and ₦1000 per litre while commercial transport operators have increased their fares.