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- Sells PMS at N537/litre in Abuja, N557 in Borno
- Commuters groan as transport fares triple
From Uche Usim, Abuja
A major conflict may be brewing between the Nigeria Labour Congress (NLC) and the federal government over the sudden removal of petrol subsidies without fiscal cushions to absorb the shocks.
On Wednesday, the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of petrol, quietly hiked the pump price of the premium product across its stations.
In Lagos, the price shot up from N184/litre to N488, representing a 165% hike, while in Borno, it increased from N199 to N557, representing a margin difference of 179%. In Abuja, the price at NNPC mega stations widened by 176% from N194 to N537.
However, the prices among other marketers vary depending on the state and exact area the station is located.
The NNPC, in a statement signed by its Spokesman, Garba Deen Muhammad, urged the public to bear with the Corporation as the hiked pump prices were a reflection of market realities.
“NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump price of PMS across our retail outlets, in line with the current market
realities.
“As we strive to provide you with the quality service we are known for, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.
“We assure you that NNPC Ltd. is committed to ensuring the ceaseless supply of products.
“The Company sincerely regrets any inconvenience this development might have caused.
“We greatly appreciate your continued patronage, support and understanding through this time of change and growth,” Muhammad said in a statement.
In Lagos and Abuja, the retail petrol prices at NNPC mega filling stations vary between N488 and N537 per litre, while the price in Borno state is N557 per litre.
Reacting, the NLC said the implications of removing subsidy at this time were too grave for the country’s security and well-being of Nigerians, wondering if President Tinubu gave a thought to why his predecessors in office refused to implement this highly injurious policy decision.
In 2012, President Tinubu, then an ex-Governor of Lagos State, vehemently rejected and torpedoed plans by the President Goodluck Jonathan administration to ditch the subsidy scheme.
Nonetheless, he announced in his inaugural speech on Monday that the era of fuel subsidy payment was gone, a comment considered as reckless as it triggered panic buying and mass hoarding of products.
Although he backtracked 24 hours later to say that the policy would not take off immediately, this did not offer sufficient restraint to the build-up of long queues of anxious motorists and other categories of consumers of petrol who thronged the filling stations to stockpile petrol.
The queues, which were noticed initially in Abuja and its environs, have since spread to other parts of the country and are still growing.
However, representatives of the Federal Government are expected to meet with the Nigeria Labour Congress today by 2 pm over the planned removal of fuel subsidy and the attendant product scarcity imbroglio.
The NLC National President, Joe Ajaero, made the disclosure during an interview with Channels Television on Wednesday morning.
The NLC on Tuesday, said it was not aware of the president’s consultation with critical stakeholders before embarking on the decision to yank off subsidy, which has grave implications on national polity.
Meanwhile, commuters had a hectic day finding their way to work and back home.
Fares skyrocketed as transporters blamed the trauma on the sudden hike in petrol prices.
Lugbe to Gwagwalada which used to be N400 increased to N850 on Wednesday, while Kubwa to Wuse climbed from N300-N700.
Also expected to climb to stratospheric heights are the prices of foods, clothes and other household items.
