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The recent hike in the pump price of Premium Motor Spirit, popularly called petrol, would adversely affect food production and subsequently cause costs to shoot up, farmers stated.
Based on this, they insisted that the market prices of food items were bound to rise, stressing that Nigerians should brace up for about 150 per cent increase in the cost of agricultural produce
President Bola Tinubu had declared during his inauguration as Nigeria’s 16th President, on May 29, 2023, that fuel “subsidy is gone.”
In about two days after Tinubu’s declaration, the sole importer of petrol into the country, Nigerian National Petroleum Company Limited, released a price list for PMS at its retail stations, indicating a jump in price from N195/litre to over N500/litre.
The about 156 per cent hike in petrol price was implemented in all states and the Federal Capital Territory, aside Lagos, where it sold for N488/litre at NNPCL filling stations.
The development led to the hike in the cost of various goods and services across the country.
In the agricultural sector, farmers under the aegis of the All Farmers Association of Nigeria stated that the hike in the cost of food, following the jump in PMS price, was non-negotiable.
Peoplesmind
