Stakeholders and consumers of fuel in Nigeria,today,expressed discontent over the sudden adjustment in the pump price of the product by the Nigerian National Petroleum Company.
They said the development shows that the Federal Government was unconcerned about the prevailing poverty in the land and the agony Nigerians are experiencing due to the huge cost of energy in the country.
They also punctured the NNPC for adjusting the pump price of fuel,saying the Petroleum Industry Act does not empower it and other institutions to play such role in the country’s energy value chain.
Wunmi Iledare, an energy expert,said the Petroleum Industry Act does not empower any institutions to set the price of petroleum products in the country.
He added that government can suspend taxes on petroleum products and food to ameliorate consumers discomfort
Kunle Olubiyo, President, of Nigeria Consumer Protection Network,told PREMIUM NEWS that the adjustment in the pump price of fuel still leaves much to be desired for most Nigerians battling excruciating energy prices in the country.
He explained that the essence Petroleum Industry Act is to give room for
pump prices that are not necessarily in uniform,market driven and price determined
He added:”In the case , as end users ,
we are worried that the shelf prices ,the freight charges and padded cost of compensation for price gold plating and general in built prices of bureaucratic overheads and bureaucratic unefficiencies might still be factored in or loaded in the
price modulation and temperature used in arriving at the final pump price taking into account all the variables .
“The pump Prices may not be realistic at
the end of each exercise or adjustment.This has been the case over decades.Moving on,unless Nigeria as a country produces what the citizens would consume locally,the country will continue to be at the mercy of global Market distortions and other global energy market induced energy crises and attendant variation in this regard”
Another stakeholder,Yusuf Shaibu Obosi,expressed concern over the adjustment in the pump price of fuel,saying the development was unbecoming of the country in the face of massive hunger in the land.
He added:” Sometimes I wonder what those in position to make life better for us have conscience most of those in power today were increase in pump price and claimed there was no subsidy and called it fraudulent . Almost 8 years in power no plan to solve the petroleum problem instead we kept paying more with income depleting . I wonder what will be their selling point when campaign for election opens”
The Major Oil Marketers Association of Nigeria,MOMAN,had last week said the N165 pump price of fuel was no longer feasible on account of skyrocketing landing cost and the Russian /Ukraine war which has jerked up global energy cost.
The association implored the government to consider adjusting the pump price of fuel as well as gradual withdrawal of fuel subsidy in order to guarantee Nigerians unhindered access to petroleum products.
The Nigeria National Petroleum Company,had Tuesday, raised the prices of fuel above N165 per litre across regions of the country.
According to the regional price list effective from Tuesday, the rate rose from N165 to N179 per litre in the south west, south south and southeast regions.
The price was raised to N184 in the north west and N189 in the north east being a N24 increase, the highest in the new adjustment.
Petrol will now sell at N179 in the north central region. Although the product will sell for N169 in Lagos, marketers will sell for N174 in Abuja.
There is also an upward adjustment in the ex-depot price in the Lagos axis from N148.17 to a range of N160 and 162.
Depot’s in Warri/Ogbarra have their rates adjusted to N162-N165 while Port Harcourt depots will sell for N165-167.
