The recent hike in the price of Premium Motor Spirit (PMS) popularly known as petrol by the Federal Government of Nigeria as announced by the Petroleum Products Marketing Company (PPMC) last week Wednesday has began to rain effects on Nigerians, especially the low-income earners as it relates to home ownership.
Even as reactions continue to trail the hike in the fuel pump price which was lifted to One Hundred and Fifty One Naira (#151.00) from One Hundred and Forty Five Naira (#145.00), the government has said the decision was pertinent in order to save the nation’s economy and that, it is for the interest of the people. This was contained in the message passed to journalists by the Minister of State for Petroleum Resources, Timipre Sylva, while addressing the press on the hike in the petroleum pump price.
According to the Minister, the increase in the fuel price is beyond the control of Mr. President, Muhammad Buhari and that the “deregulation” was necessary for the sake of the Nigeria’s economy.
He said, “Deregulation will definitely come with few pains, but survival of the country is paramount.
“You all know that that President Muhammadu Buhari aligns with ordinary Nigerians, especially the poor.
“Left for him, he will never allow increase in pump price; for this to happen, it means that it is an inevitable decision. COVID-19 took the price of crude oil to zero zone.”
Reacting to the fuel price increment, president of Nigerian Labor Congress (NLC), Comrade Ayuba Wabba accused the Federal Government of taking Nigerians for granted. “In fact Nigerians and even NLC we are in a shock, and this increase is coming at a time when many Nigerians are passing through very peculiar and precarious times,” Wabba said.
The realities dawning on Nigerians now is adverse as there would be increase in cost of production, cost of transportation and cost of living as attested to by the residence of Abuja municipal and home owners.
Everybody appreciates the fact that when motorists pay more for fuel, the transport fare increases. In the same vain, in addition to school fees, house rent, and etc. the cost of every item of food will astronomically increase as all of these are linked to transportation.
Mr. Barry Tamuno, a staff of Jevinik Restaurants, said the transport fare from his house at Karimu to Wuse II where he works as a Waiter has doubled since on Thursday. According to him, a distance previously charged at Hundred Naira (#100) is now Two Hundred Naira (#200).
Since the resumption of work after the lockdown, many companies pay half salaries and as such, the effect of increment in petrol price could be devastating on home owners like Barry.
Similarly, Philip Okon who journeys from his house at Maraba area to Wuse II every morning to his office complained that it has become a bit difficult to even get Cabs. He said prior Wednesday, he used to spend at most, Two Hundred Naira (#200) from Maraba to Nitel Junction at Wuse but it’s now Four Hundred Naira (Naira). According to him, it would take only the grace of God to be able to cope with the financial demands as a home owner.
No doubt, the increase in the petrol pump price would leave many Nigerians in suffering, especially, in a time when the nation and the entire world is already suffering from hardship and loss of jobs brought upon it by the ravaging Covid-19 pandemic.
As almost all facets of life are linked to transportation, the people in Abuja and other major cities across Nigeria could face challenges in house rents, feedings and many people who desired to own their own homes might not be able to acquire one at this tough time.
Nigerians Cry Out As The Increase In Petrol Pump Price Would Affect Home Ownership
Leave a comment
Leave a comment