MAN, in a statement, said NNPCL’s PMS price increase would harm the manufacturing sector, which had been struggling.
The Director General of MAN, Segun Ajayi-Kadir, noted that the petrol price hike would lead to higher prices of other commodities in the face of the dwindling disposable income of the average Nigerian.
He admitted that with a global increase in crude oil prices and Nigeria’s dependence on imported fuel due to non-operational refineries, a price hike was inevitable.
He said, “The increase in the cost of crude oil will have a direct impact on the cost of importing fuel into Nigeria and expectedly, the NNPC would at some point, adjust domestic prices.
“Also, right from the time fuel subsidy was either reduced or removed, it became inevitable that the price may rise.”
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