PETROL PRICE HIKE: REACTIONS

Economists have continued to react to the latest up ward review of the price of Premium motor spirit, popularly known as petrol.

The Nigerian National Petroleum Corporation, NNPC, had on Friday November 12 through its subsidiary, the Petroleum products marking Company, PPMC, announced 153.17 Naira as ex-depot price in its PMS price proposal for November, putting the landing cost of Petrol at 128.89 naira per litre up from 119.77 naira per litre in September and October.

The over seven naira increase in the ex-depot price immediately translated into increase in the pump price of the product.

Meanwhile the organized Labour had declined to react.

Recall that a circular dated November 11 from pipelines and product marketing Company of the NNPC Had informed petrol marketers of the changes in wholesale price, otherwise called ex-depot price.

Reacting to the development, some Nigerians shared their worries and pains.



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