On Tuesday, news broke on the new price hike of fuel. Nigerians woke up to yet another steep increase in the price of premium motor spirit, otherwise known as petrol. From Lagos, Ogun, and Edo in the South West and South-South to Niger, Borno and Zamfara in the North, motorists and commuters grappled with the reality of the change in the price of fuel.
Price in Lagos shot up from N488 per litre at petrol stations owned by Nigeria’s national petroleum company, limited, NNPL, to N568, it rose as high as N617 per litre in Abuja and another Northern state from N540. The Group Chief Executive Officer of NNPCL, Mele Kyari, blamed market forces for the increase: this is what he said.
The House of Representatives has rejected the motion to increase engagement for Nigerians to select acceptable palliative options after the removal of fuel subsidy. This follows a unanimous voice vote by members during Wednesday’s plenary. Hon. Dennis Agbo federal lawmaker, Enugu state House of Representatives has rejected the motion to increase engagement for Nigerians to select acceptable palliative options after the removal of fuel subsidy.
On the other hand, the National Operations Controller of IPMAN, Mike Osatuyi, said:
“It is not about the NNPC limited, it is about the market fundamentals. Every marketer stands alone with its different cost elements. The low value of the naira is currently impacting the market. It is now more than n800 to a dollar. This is why the market is responding this way. It has to spread because as operators, our price depends on our cost’’
The Nigeria Labour Congress, NLC, contended that the latest increase in the price of petrol would further impoverish the people.
“NLC is amazed that a government that pledged to allow the dictates of social dialogue to guide its actions and policies will turn around to undermine the same principles of social dialogue which demands that when conversations are undertaken over an issue, the parties stay the action and allow the status quo to be maintained. This is to allow for the process to run smoothly and unhindered.
Opposition parties have reacted to the hike in fuel prices. The National Publicity Secretary PDP, Mr Debo Ologunagba said:
“The PDP is alarmed that with its ill-thought out, badly planned and hurriedly-executed policies, the APC is running Nigeria’s economy aground with the value of naira rapidly plummeting, businesses and production shutting down; citizens losing their means of livelihood, commercial and social activities crippled, with millions of families no longer able to afford their daily needs as the costs of food, medication and other essential goods and services continue to skyrocket”
National Publicity Secretary of the LP, Obiora Ifoh on behalf of The Labour Party has said that the latest adjustment in the pump price of petroleum products especially premium motor spirit popularly called petrol is just the beginning of hard times for Nigerians will be facing under the all progressives congress -led administration. In his words:
“You offer a paltry N8000 to a family of five and extract all they have laboured for through obnoxious policies. Nigerians do not deserve what they are getting from the present government. The labour party condemns the attitude of the government to its people. This is even coming at a time the Nigerian currency has continued to devalue under the watch of this government. We are however optimistic that Nigeria will overcome the taskmaster of our time. We soon witness the promised land.”
The House of Representatives has resolved to set up an Ad-hoc committee to investigate factors responsible for recent fuel pump prices in the country. The question is, how long can Nigerians continue to bare the harsh economic conditions since President Bola Ahmed Tinubu announced the removal of the fuel subsidy?
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