Five Things That May Happen In Nigeria If Fuel Price Is Increased

The Managing Director, Nigerian National  Petroleum Corporation, NNPC, Mele Kyari has hinted that the present pump price of Premium Motor Spirit, PMS, known as fuel, would  go for up to N340 per liter if the reported subsidy on it is removed in 2022. Judging by previous experiences in Nigeria when fuel price is increased, the following five things may happen if the hike is made.

It could lead to protests by labour

Labour organizations may likely protest the increase and demand for a reversal of the pump price if the increment is carried out. Previous increments of the pump price of PMS which were not as high as the proposed one were greeted with public protests across the country.  

Nigerians would not forget in a hurry what happened in January 2012 when the previous administration of Goodluck Jonathan announced the removal of subsidy in petrol price on January 1, 2012. That time, the entire country was engulfed with demonstrations with the current leaders of the country in the front. With the present level of poverty higher than then, Labour may mobilize workers and other Nigerians to resist the new price regime

 Salaries or wages will be worthless

If the price of petrol is increased to the level of N340, salaries of workers in Nigeria would be worthless because transport fare and other essential things would go up by 100 percent.

Many students would not be able to continue education

School owners, on hearing the increment, may increase the school fees and that would be difficult for many parents to afford. Consequently, many students and pupils may drop out of school thereby increasing the present number of students that are out of school in Nigeria.

Many tenants would lose accommodation

Landlords would increase house rents and give quit notices to those who cannot afford to pay the new rate.

Unemployment would increase

Organizations who cannot afford to pay the new salary scale which would be demanded by workers would be forced to reduce staff strength thereby increasing the unemployment rate in the country.

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