Petrol prices have increased for three straight months, rising from N 121. 50–N123.50 per litre in June to N140.80 -N 143. 80 in July, N 148- N 150 in August and N158-N 162 in September.
The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation had, on Wednesday, increased the ex-depot price of Premium Motor Spirit ( petrol) to N 151. 56 per litre from N 138. 62 per litre but later reduced it to N 147. 67.
The CMM had reported that in a surprise move, NERC approved an increase in electricity tariff with effect from September 1, 2020.
This comes three months after the tariff hike implementation slated for July 1 was halted by the National Assembly, which prevailed on the distribution companies to shelve the date to the first quarter of 2021 due to the current economic challenges in Nigeria.
A document seen by our correspondent on Tuesday showed that electricity customers, except those receiving less than 12 hours of supply, would have to pay more for electricity starting from September 1, 2020.
Members of the Coalition for Civil Societies in Osun State Friday morning protested against the hike in electricity tariff and petrol price.
The protesters took off from Freedom Park, Osogbo around 8:30 am.
The protesters displayed placards showing their displeasure over the increase in electricity tariff and petrol price.
The protesters lamented that “ approval of new electricity tariff and increment in the pump price of petrol is the highest level of insensitivity and wickedness from President Muhammad Buhari-led All Progressives Congress government. ”