Nigerians will pay between N168 and N170 for a litre of petrol from today as the new depot price for the product goes into effect.
The Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC, in a memo on 11 November set the ex-depot price of petrol to N155.17 per litre from N147.67 per litre.
The new price becomes effective today, according to the memo signed by Tijjani Ali.
An official of the Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said the over N7 increase in ex-depot price would translate into an increase in pump prices.
“The implication of the increase in the ex-depot price is that there is going to be an increase in the pump price. We are expecting the pump price to range from N168 to N170 per litre”.
Osatuyi spoke with The Punch.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
END
Unfortunately, Nigeria remains an import dependent economy. the implication of the is that every time you devalue the Naira Everything becomes more expensive; Petrol, electricity etc. it may shock you to know that Nigeria’s trade deficit for the month of October 2020 was 1.4billion USD. meaning that Nigeria exported that amount of money to other countries, many of which are more developed, whilst Nigerians are hungry.
With the current level of youth unemployment, which can only be address by mass youth driven produce processing initiative , this trend will continue irrespective of who we elect. That is why is seem that the trend continues president after president. we should have all realised by now that the government cannot solve Nigeria’s problem. if you are in doubt, kindly note that Nigeria’s budget for current year 2020 is 24 billion USD for a population of over 200million and to give you a sense of scale, the budget of New York for 2020 is 177billion USD for a population of about 19.5million. This alone shows how incapacitated the government is.
We can start to solve our problems, as a country, by organising our youths to engage in the vast produce processing opportunities we have around us. This will within a few months help reduce our trade deficit and channel that 1.4billion USD into the pockets of Nigerian youths. Once, we get it right our currency will begin to appreciate in value and standards of living will increase without minimum wage increase.
The next time there is a movement like the ENDSARS movement, it must count for more. you cannot SUSTAINABLY solve the problem of SARS without solving the problem of the economy.