The Nigeria Labour Congress (NLC) and the Organised Private Sector have called for the immediate reversal of the hike in the pump prices of Premium Motor Spirit, popularly called petrol, by the Nigerian National Petroleum Company Limited.
Retail stations of NNPC raised the price of petrol to N1,030 from N897/litre in Abuja, and in Lagos it was hiked to N998/litre from N868/litre. Other locations witnessed similar price hikes, a development that triggered anger among Nigerians.
The price hike, the second in one month, represents about 14.8 per cent or N133 rise.
With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of petrol has risen by over 430 per cent from May 29, when it took over the reins of power.
Last month, the national oil company raised the pump price of petrol to N897/litre from the official price of N617 per litre it hitherto sold in Abuja.
It came days after the NNPC said it was heavily constrained by the huge debt it owed international suppliers. The debt is estimated to be $6.8bn.
At the NNPCL mega station in Central Area, a customer noted that the product was sold at N1,030.
The station did not display its prices on either the signboard or the pump meter, leaving customers unaware of the cost of fuel.
Instead, the new price was announced verbally by the fuel attendants, against best practices.
“I am very angry right now. I entered this station thinking their price would be better. It was only after I had wasted time in the queue that I was informed by the fuel attendant that the price had risen to N1,030,” the customer said.
This development comes days after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery, giving room for other players downstream to buy products directly from the Dangote Refinery.
Oil marketers said NNPC’s withdrawal as the sole off-taker of petrol from Dangote refinery meant the Federal Government had systematically stopped subsidy on petrol completely.
It also meant the product would be sold to marketers on a willing buyer, willing seller basis.
The price jumped to as high as N1,200/litre in some other stations in Abuja. For instance, customers bought petrol from one of the Eterna stations in the city centre at N1,200/litre. Mobil station at Arab junction sold to its customers at N990/litre while all NNPCL stations along with Berger didn’t display its pump price.
Efforts to reach the NNPCL proved abortive as its spokesman, Femi Soneye, didn’t respond to calls to his phone lines.
Meanwhile, drivers and transporters raised the cost of fares after the petrol price hike by NNPCL and other dealers.
One of our correspondents observed that a one-way trip from Lugbe to Wuse in Abuja had increased to N1,000 from N700 previously charged.
Also, transport cost moved as fuel price hit N1,250 per litre in Borno State.
It was gathered that many filling stations, including the NNPC retail outlets, were shut down while those selling currently placed their price on N1,250 per litre.
Commercial fuel stations sold at N1,100 per litre with many stations also shut down, which caused artificial scarcity of the commodity in Katsina State. The pump price in Ilorin, Kwara State, as of Wednesday evening at NNPC stations was N1,045. At Orange Global filling station it was N1,300; Rainoil dispensed at N1210, while Total sold it at N1,210.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
