The Aare Onakakanfo of Yorubaland, Iba Gani Adams, has urged the Federal Government to rescind its decisions on recent increase in the pump price of Premium Motor Spirit (PMS) and electricity tariff.
Adams, in a statement by his Special Assistant on Media, Kehinde Aderemi, in Lagos on Thursday, said the hike in petrol price and electricity tariff would multiply hardship of the masses.
According to him, many Nigerians are finding it difficult to survive economic effects of the COVID-19 pandemic.
“The hardship that will result from the increase in pump price of petrol and electricity tariff will, for a long time, affect the people of this country.
“With this sudden increase, the prices of every commodity will definitely reach the rooftops and this will be more felt particularly, at a time like this when the world is still battling with the COVID-19 impasse.
“Electricity is life, I know how much I pay daily as tariff on electricity, an average and low income earner in Nigeria cannot cope with the sudden increase,” he said.
He noted that the timing for hike in prices should be taken into consideration in re-addressing the issue.
“It is ill-timed, however, we strongly appeal to President Muhammadu Buhari and the National Assembly to reverse the price in the interest of the masses,” the Aare said.
Adams urged the federal government to continue to protect the interests of ordinary Nigerians.
Ex- depot price is the price marketers buy products from depot owners and an increase or reduction in ex-depot price determines the pump price of petrol by marketers.
Going by the prevailing market fundamentals, the pump price of petrol is now between N158 and N162 per litre in the country. .
Edited By: Chioma Ugboma/Wale Ojetimi (NAN)
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