The Nigeria Labour Congress (NLC) has vowed to resist the new pump price of petrol announced by the Federal Government.
Addressing State House correspondents on Wednesday, Minister of State for Petroleum, Ibe Kachikwu said based on the challenge of scarcity and other related issues, the new pump price of petrol would be fixed ‘not above #145′ per litre.
In a statement released late last night, the Acting Executive Secretary of the Petroleum Products’ Pricing Regulatory Agency, PPPRA, Sontoye Iyoyo confirmed Kachikwu’s earlier statement, saying the new #145 per litre price regime would be with immediate effect.
According to him, the new price regime was arrived at considering the fact that independent marketers would have to source for foreign exchange to import fuel from another source other than the Central Bank of Nigeria, CBN.
“In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, the Petroleum Products Pricing Regulatory Agency, (PPPRA), hereby announces, effective immediately that the new price band for PMS shall be at a maximum of N145/litre. However, NNPC Retail stations on the outskirts of major cities are advised to sell at price lower than N145/litre.
This review became imperative in the face of extreme difficulties faced by Petroleum Product Importers in sourcing foreign exchange. To meet the consumption demand of the Nation, Importers will henceforth be permitted to source for their foreign exchange requirements from the secondary sources.
“PPPRA is conscious of the difficulties that Nigerians have been going through in the last few months and to ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics thereby ensuring fair value to all Citizens,” the statement read in part.
NLC in a statement issued by its General Secretary, Dr Peter Ozo-Eson, in Abuja, however described the increase as the most audacious and cruel in the history of product price increase in Nigeria.
The NLC urged the Federal Government to revert to the old price or risk the wrath of the union and its civil society allies.
“The unilateral increase in prices of petroleum products today by government represents the height of insensitivity and impunity and shall be resisted by the NLC and its civil society allies.
The unjustifiable electricity tariff and other economic challenges brought on by the devaluation of the naira and inflation, the least one had expected was another policy measure that would make life miserable for the ordinary Nigerian.
“The latest increase is the most audacious and cruel in the history of product price increase as it represents not only about 80 per cent increase but it is tied to the black market exchange rate.
“Furthermore, the process through which government arrived at this is both illogical and illegal as the board of the PPPRA is not duly constituted.”
“It goes to show that the brief meeting held today during which government was advised to shelve the idea until, at least, it meets with the appropriate organs of the Congress was in bad faith.
Accordingly, we urge the government to revert the prices to what they were. We would want to put everybody on notice that we shall resist this criminal increase with every means legitimate.
“Already, an emergency NEC meeting has been scheduled for Friday, May 13, to decide on the next line of action,” the statement read.
