Marketers are now trying to seek for an increase in the price of petrol in Nigeria. The reason behind this is due to the high price of crude oil in the international market.
Although nothing has been confirmed yet, but a meeting to determine a new price for the month of August will be held and the product of the meeting will be announced to the general public.
Well, this is not a good development in Nigeria as the price of petrol keeps rising even as we are one of the major producers of crude oil in Africa.
If the price of petrol eventually increases to N150, what will this portend for the economy? Is this the right time for this? The oil price is still low (less than $45 per barrel), so fuel price shouldn’t increase beyond what it was before the oil price slump.
Just this period alone, there is planned hike in electricity tariffs, and the government has introduced stamp duty on rent! with all these new charges and price increment, what hope is there for the common man, especially in this COVID-19 era?
Is there any other country that is taxing her citizens this much during this pandemic?