The pump price of the Premium Motor Spirit, also known as petrol, appears set to hit N160 per litre as the Nigerian National Petroleum Corporation has increased the price at which it sells the product to marketers from N138.62 per litre to N147.67.
That’s according to the latest pipeline and product marketing company memo.
The Major Oil Marketers Association of Nigeria, had forecast a price about N155 per litre.
The chairman of the association however believes that there is still an element of subsidy because of the prices that were posted for the month of August, for instance, NNPC retailed petrol at N145 when they expect the price should be closer to N155.
Petrol price was increased by marketers to between N148 and N150/litre in August, as the Petroleum Products Pricing Regulatory Agency remained silent as regards the guiding retail price for the month.
Meanwhile the independent petroleum marketers association of Nigeria, IPMAN has directed its members in the south west region of the country to begin sales of fuel at N162.
Reps Minority Caucus Reacts
Meanwhile, reactions have continued to trail the increase in the price of petrol announced moments ago as the minority caucus in the house of representatives has condemned the increase in the pump price from 148 to 151 naira per litre.
Their leader, Ndidu Elumelu, described the increment as unacceptable because it will directly result in more hardship for citizens due the prevailing economic challenges in the country.
He challenged the federal government to come up with strategies that would lead to a decrease, including revamping the nation’s refineries.
The opposition lawmakers also directed the Petroleum Products Pricing Regulatory Agency to immediately rescind its decision and revert to the former price.
NLC rejects new Pump price
The Nigeria Labour Congress has also rejected the federal government’s increase in the pump price of fuel.
NLC through its President, Ayuba Wabba, stated that it is in shock at the spate of increase of prices of petroleum products in the past months.
The NLC President says the increase in the price of petrol in the last three months, the hike in electricity tariff as well as the reduction in the interest rate of savings , are targetted at further impoverishing the poor and the vulnerable.
According to the statement, NLC will call its organs to deliberate on the development and its next line of action, as it could no longer guarantee industrial peace and harmony.