President Bola Tinubu has spoken about the increase in the price of Premium Motor Spirit (PMS), fondly called petrol, in Nigeria.

The Star recalls that the Nigerian National Petroleum Company Limited (NNPCL) recently increased the pump price of petrol from N617 per litre to N897 litre at its outlets.

The independent marketers also adjusted their petrol pump prices to between N930 and N1,200 per litre.

The NNPCL later said foreign exchange (forex) illiquidity had been a significant factor influencing the fluctuation in the prices of petrol.

Prices of petrol tripled since the removal of subsidy by Tinubu in May 2023, from about N200/litre to about N800/litre, compounding the woes of Nigerians who power their vehicles and generating sets with petrol, no thanks to decades-long epileptic electricity supply.

Speaking on the development on Friday, September 6, 2024, Tinubu said hard and unprecedented decisions are required for the development of the country.

NNPCL: Forex responsible for petrol price hike

The president said this in Beijing during a meeting with the members of Nigerians in Diaspora Organization in China (NIDO China).

Tinubu said: “Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices.

“But, can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality. You see water supply, constant and running, and you see their good schools. And we say we want to hand over a banner without stain to our children?

“What is the critical part to get us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?

“So many of you are so talented, speaking very fluent Mandarin. It is what you contribute and tell them at home that will reflect in the attitude of our people. The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development.”

The Star