The latest increase in the price of Premium Motor Spirit price (PMS) has led to a further rise in the cost of doing business, according to Mrs. Marry Jane, the founder and Chief Executive Officer of Abuja-based retain wine firm.
Jane said her business has been confronted with severe loss for months. But the worst for her is the new price hike on PMS popularly called petrol.
On September 3, PMS price in Nigeria was raised from N670 to N897 per litre. Some filling stations sell over N1,100 per litre.
“Today, my company bought fuel at N1,100 per litre and we bout 20 litres to run our generator which is N24,000. We buy at least 10 times a month.
“If we continue this way, we will spend around 240,000 on PMS alone. We buy fuel every three days,” she lamented.
The businesswoman also lamented the high cost of electricity tariffs and double taxation.
Jane said, “I have been declaring losses for months. It is not easy to sustain business. Some of us have to endure and hope that economic conditions will get better.
“The tax is also terrible. Some people from the FCT-IRS, Gwarimpa came today and asked me to provide evidence of Withholding Tax for individuals and enterprises. I was confused. This is the kind of exploitation we see.”
Another employer, Emmanuel John told NewsNGR that he may consider reducing the number of employees if the business’s cost continues to surge.
John said, “I spend a lot to fuel my generating set and also buy electricity. Things are not getting better.
“The current price of petrol may even force me to downsize. Everybody is trying to survive.”