The News Agency of Nigeria (NAN) recalls that oil marketers had indicated intention to increase prices of the products, citing continued scarcity of foreign exchange to finance importation of the products, as reason.
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The past and present Group Managing Directors of the Nigerian National Petroleum Corporation (NNPC) have expressed concerns that the current pump price of petrol products at N145 per litre is no longer feasible.
This is coming as a reaction to a request made by the forum of former Group Managing Directors of the Nigerian National Petroleum Corporation (NNPC) on Sunday.
The forum called for the removal of the price cap that would mean that the traders would be free to sell petrol at their desired price, supported by several factors such as the exchange rate and worldwide crude price.
Asked to clarify if there will be any increment, Baru who was the first to emerge from the meeting, said “There is nothing like that”.
There were speculations that the pump price of the product, now capped at N145 a litre, was set to be reviewed upwards.
But Iyoyo said that Nigeria is in a liberalized market already, adding that she is not aware of any plans by government to increase fuel price.
PREMIUM TIMES had reported how the PPPRA also rejected the advice to increase fuel price.
In an interview with journalists in Abuja, yesterday, Senate’s Spokesman, Senator Aliyu Sabi Abdullahi, (APC, Niger North) said however that on resumption from recess, Senators would take on the management framework, stressing that the sensitivity of the host community relationship stalled the process while experts have been urging that the bill be revisited.
With the local currency exchange rate going down by over 50 % to about N412 since the current petrol price was fixed, accepting the recommendation would have meant Nigerians pay more for fuel.
“For crying out loud, all of these former GMDs, can they be said to be free of blame on how we got here?”
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The marketers have again called for an upward review of prices.
