Hike In Price Of PMS In Nigeria And Its Effect On The Economy

Economic hardship is what most parts of the world are currently facing, and the increase in prices of things is at its peak. In my country, Nigeria, the economy is greatly affected by the increase in the price of motor premium spirits (PMS). There's a hike in prices of foodstuffs and other commodities, and marketers all say the hike in prices of other commodities is a result of an increase In the price of PMS. In this post, I will focus on the effect of an increase in the price of PMS and other commodities In Akwa Ibom state, Nigeria.

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INCREASE IN TRANSPORTATION FARE: As of September 25th, 2024, PMS was sold two thousand five hundred Naira (2500) per liter, that's about 8.3 steem. The marketers Stated their reason for the unbearable hike in the price of PMS: there's a misunderstanding between the Independent Petroleum Marketers Association of Nigeria and Nigeria Union of Petroleum and Natural Gas Workers and the joint task force, which caused tankers to fail to bring products (PMS) into the state. But the big question is, ' should Nigeria, an oil-producing country, even have to pass through this unbearable hike in prices of products from crude? It is the rhetorical question, though. Because of this sudden increase in the price of PMS, there's also a sudden increase in transportation fares. The majority trek a long distance to work because they can't afford the fare, and some transporters stopped working because they operate at a loss

Imagine a government worker who receives fifty thousand Naira as her monthly salary, paying a thousand five hundred to work for twenty working days, which would amount to thirty thousand Naira in a month. Would the remaining twenty thousand Naira sustain her? That's the situation we are in.

No movement on the street

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INCREASE IN PRICES OF THINGS: Cassava granules ( garri), which is one of the most consumed food stuff in my state, Akwa Ibom, sold at a thousand Naira for three cups ( 122g per cup). Imagine how much a family of five people would spend in a day for feeding. Rice is even the worst as it's sold at a thousand Naira for two cups. Things like beans, fish, crayfish, and other foodstuffs are increasing in price.

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There's a 200 percent inflation in Nigeria as compared to 2023. The amount families spent in a month for feeding in 2023, is the amount they spent in five days in 2024. That is how serious the situation we are in is. Many families are destitute, and they practically beg for food. And said minimum wage (#70,000), which is yet to be implemented, can't even sustain some families in a week. Many ask where we are heading.

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Practical suggestions for scaling through this economic hardship:

• Limit your expenses, go for needs, and let wants be for now

• If possible have more sources of income

• Let love lead, share with your family and friends

• Finally, stay out of problems.

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We sincerely wish those who have access to the national cake to manage it properly and make sure it reaches the commoner.

Thanks for Reading!

Greetings

@iddy