A chieftain of the Peoples Democratic Party, Senator Shehu Sani has reacted to the new petroleum Pump Price of fuel from N539 to N617 in the Federal Capital Territory and other parts of the country.
It was earlier reported that the price of Petroleum Motor Spirit, PMS, was on Tuesday adjusted from N539 to N617 per litre in the nation’s capital.
The National President of Independent Petroleum Association of Nigeria (IPMAN), Elder Chinedu Okoronkwo confirmed the development.
Reacting to the upward review, Sani, a former federal lawmaker, attributed the development to the value of Naira.
According to him, as the nation’s currency continues to lose its value, price of fuel may continue to skyrocket
He described it as the reality Nigerians may have to live with.
In a tweet on his official Twitter handle, Sani said only miracle could change the current reality.
He wrote, “Petroleum is imported with foreign currency. If the value of the foreign currency goes up, the price of petrol will go up,especially now with the removal of subsidy.
“This is the energy and economic reality we have to live with, until manna comes or miracle happens”.
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