Fuel, Electricity Price Hike, Nigeria's too Many Baggages

The recent hike in the fuel pump price of Premium Motor Spirit, otherwise known as petrol from N138.62 to N151.56 by the Nigerian government, has been eliciting reactions from across boards. Recall the country’s Pipelines and Product Marketing Company (PPMC), said the new product price adjustment will take effect from September 2, 2020. It however did not state the Expected Open Market Price of the commodity. Nigeria’s economy which has been heavily battered by the outbreak of the coronavirus prompting months-long lockdown, has seen inflation nearing 13% and unemployment rate at 23%.