The Manufacturers Association of Nigeria (MAN) said the rise in the price of petrol is unavoidable.
This comes after the Minister of State for Petroleum Resources, Chief Timipre Sylva, had earlier said last week Friday that the Federal Government had no plan to increase the pump price of Premium Motor Spirit (PMS) also known as petrol in June.
The Director-General of MAN, Segun Ajayi-Kadir, said the product could not be cut off from the law of demand and supply regardless of the arguments around subsidy removal and the potential effect on the cost of production in relation to the average Nigerian.
MAN’s director made this known in an interview with Punch News, in relation to the submission of the Governor’s Forum to increase the pump price to N385.
However, on the economic and social implications on increase of fuel price to N385, Mr Ajayi-Kadir said there will definitely be a negative implication for the country.
He said the country was already faced with serious security challenges and the fragile economy may be unable to cope with such an increase in a utility product.