State of the economy: Protests rock Oshogbo over electricity tariff and fuel price increase

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Members of Civil Societies (CSOs) and residents of Oshogbo morning took to the street on Friday to protest the recent increase in electricity tariff and hike in the pump price of premium motor spirit, also known as petrol.

The peaceful protest, which started about 8.30 a.m from Freedom Park, Oshogbo described the increase as “wicked, insensitive and callous”.

The protesters displayed placards showing their displeasure over the increase in electricity tariff and petrol price.

The protesters lamented that “approval of new electricity tariff and increment in the pump price of petrol is the highest level of insensitivity and wickedness from President Muhammad Buhari-led All Progressives Congress government.”

Over the past three months, the pump price of petrol has been increased three times starting from N121.50–N123.50 per litre in June; N140.80-N143.80 in July; N148-N150 in August and N158-N162 in September.

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation had, on Wednesday, increased the ex-depot price of Premium Motor Spirit (petrol) to N151.56 per litre from N138.62 per litre but later reduced it to N147.67.

The ex-depot price is the price at which the product is sold to marketers at the depots.

In the same vein, the Nigeria Electricity Regulation Commission also approved an increase in electricity tariff effective September 01, 2020.

This comes three months after the tariff hike implementation slated for July 1 was halted by the National Assembly, which prevailed on the distribution companies to shelve the date to the first quarter of 2021 due to the current economic challenges in Nigeria.

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