Fayose reacts as petrol price rises to N151.56 per litre

Fayose reacts as petrol price rises to N151.56 per litre

- Former Ekiti state governor Fayose has condemned the increase in the petrol price to N151.56 per litre

- The former governor who is an ardent critic of the Buhari-led government made his position known via Twitter

- The new price was announced on Wednesday by the Pipelines and Product Marketing Company

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The former governor of Ekiti state, Ayo Fayose has condemned the increase in the price of petrol to N151.56 per litre.

The Pipelines and Product Marketing Company (PPMC) announced the increment from N143.80 per litre on Wednesday afternoon, September 2.

Fayose reacts as petrol price rises to N151.56 per litre
Fayose reacts as petrol price rises to N151.56 per litre. Photo source: Peter Ayodele Fayose
Source: Twitter

Reacting to the development, Fayose lamented that that Nigerian government was increasing the price of petrol when other countries are putting in place measures to cushion the effects of Covid-19 lockdown.

The former governor also threw a shade at the Nigerian activists who protested against the removal of petrol subsidy which led to an increase in the price of petrol during the administration of former president Goodluck Jonathan.

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"Petrol is now N151.56. The increment was made when other countries are adopting measures to reduce the effects of COVID-19 lock down on their citizens.

"Just in case those who led the Save Nigeria protests across Nigeria during PDP govt of Jonathan are not aware.

"I warned," Fayose tweeted.

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Meanwhile, Legit.ng previously reported that the federal government explained its stance regarding the knotty issue of petroleum products deregulation.

Timipre Sylva, minister of state for petroleum, in a statement he personally signed on Wednesday, July 8 explained that the federal government concluded that it was unrealistic to continue with the burden of subsidizing PMS to the tune of trillions of naira every year.

According to him, the decision was taken after a thorough examination of the economics of subsidising PMS for domestic consumption.

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In another related report, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned against proposed plans to scrap the Petroleum Equalisation Fund (PEF).

The association said Nigerians in many parts of the country would be forced to buy petroleum products for as much as N400 per litre if the PEF is scrapped.

Legit.ng gathers that the fund administers uniform pricing for petroleum products countrywide by reimbursing marketers transportation differentials for products moved from depots to their sales outlet.

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Source: Legit.ng

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