Fuel price increment‘ll have ripple effect on masses, expert warns

The past president of the Association of Corporate Affairs Managers of Banks, (ACAMB), Mr. Eddy Adewosu has warned that the recent increment in the pump price of PMS otherwise known as PMS will have a ripple effect on the organized private sector and the masses.

Recall that after several days of fuel scarcity in some major cities including the federal capital territory and Lagos, the Nigerian National Petroleum Corporation (NNPC) Ltd announced an upward review of the product from N165 per litre to N179 per litre as demanded by oil marketers.

However, speaking at a media briefing on the ACAMB 1st National Stakeholders Conference on the Synergy between the Nigerian Banking Industry and the Organized Private Sector (OPS), Adewosu noted that an increase in fuel price will have a ripple effect on the masses as regards, transportation costs, hike in food prices, among others.

Adewosu said: “There are issues that need to be clarified by both sides. When we look at the landing cost, in relation to the international pricing, then you will be careful in totally condemning the increase in price but at the same time, the critical issue that relates to it is the ordinary man in the street, with high inflation, there is a lot of economic issues and problems problems government really need to address.

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