Traders and commuters in the Federal Capital Territory (FCT) have expressed concerns over the recent increase in the pump price of Premium Motor Spirit (PMS) by NNPC Ltd., fearing it will lead to higher food prices and exacerbate the struggles of the masses. The price hike, which raised PMS from ₦617 to ₦897 per litre, is expected to also increase transportation fares, making it difficult for workers to commute efficiently and maintain productivity.
Ignatius Ugwu, a civil servant, highlighted that the rise in fuel prices would further diminish workers’ purchasing power, complicating their daily commutes and overall work performance. He urged the Federal Government to implement a minimum wage and other palliatives to ease the burden on citizens.
“This situation is alarming in a country where many already struggle to afford one decent meal a day. This increase will inevitably raise transport fares and the cost of goods and services. The government should have introduced support measures like minimum wage adjustments and transportation subsidies before enacting this price hike,” Ugwu said.
Antonia Ogbede, a housewife, echoed concerns that the fuel price hike would push up food prices, which had been gradually decreasing. She noted that traders are likely to exploit the situation by raising the prices of their goods, adding further strain on household finances.
“I visited the market today and overheard traders discussing the fuel increase. One trader was placing an order for goods, and he was informed that prices would rise by the end of the week. He ordered 100 cartons, intending to sell them at a higher price. The government needs to intervene before the financial strain causes serious health issues for breadwinners,” Ogbede stated.
Evelyn Otapu also urged the government to prioritize the well-being of its citizens when formulating policies. Meanwhile, Andy Kolapo, a driver, remarked that while the increase might eliminate fuel queues, it has come at a high cost to the public.
“We’ve heard rumors that the NNPC planned to increase fuel prices to ₦1,000 per litre, and it seems they’ve achieved this. Hopefully, this will put an end to the persistent fuel queues,” Kolapo added.
Reports indicate that independent marketers are currently selling PMS between ₦1,000 and ₦1,200 per litre.