Energy

Reactions Trail Increase in Fuel Pump Price

Motorists and commercial drivers in Ibadan have frowned at the increase in the pump price of premium motor spirit, PMS, from one hundred and forty-eight naira to one hundred and sixty naira per litre.

Radio Nigeria reporter observed that almost all filling stations were selling between one hundred and fifty nine naira and one hundred and sixty naira while few major marketers were selling one hundred and forty eight naira saying they were waiting for directive from their headquarters.

Some of the residents who spoke with Radio Nigeria said the increment would affect every part of the economy.

Two commercial divers, Mr. Tunde Makinde and Mr Oyedele Salawu said the hike in petrol pump price had affected their businesses.

Also reacting, an economist, Mr Micheal Abegunde, who described the hike in petrol pump price as an unhealthy development, said it could spark inflation.

 Mr Abegunde therefore urged the Federal Government to introduce measures to cushion the effects of the price hike on the masses.

Oluwakemi Akintunde

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