Shehu Sani, a former Kaduna senator, has blamed the latest hike in the pump price fuel on the weakening value of the naira.
ThisNigeria previously reported that fuel sold for N617 per litre at filling stations in Abuja and Lagos on Tuesday morning.
The new increase has sparked resentment among Nigerians who have yet to recover from the hard felt impact of the termination of subsidies, which saw petrol prices skyrocket from 186 to about 500 per litre.
However, the former Kaduna senator blamed the latest hike on President Bola Tinubu’s desire to unify the country’s FX rates in a tweet on Tuesday.
Mr Sani added that because fuel is imported using foreign currency, the price of fuel will be affected if the value of the foreign currency rises.
“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,” Mr Sani wrote.
On Tuesday, the country’s currency traded at around N820 to the dollar.
Recall that in an effort to strengthen the country’s currency, President Bola Tinubu’s government abolished the previous administration’s numerous exchange rates. Despite the move to unify the country’s forex market, the country’s currency has continued to deteriorate versus the greenback.
