Our reporter/ As Nigerians groan over Tuesday’s hike in the pump price of fuel, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has justified the increase.
Kyari, who defended the hike after a meeting with Vice President Kashim Shettima at Aso Rock, Abuja, blamed market forces for the rising pump prices of Premium Motor Spirit (PMS) known as petrol.
He said with deregulation of the oil sector, market realities will force the prices of petrol up sometimes and at other times force the prices down.
The NNPCL boss said the increase in the price per litre of petrol from over N500 to N617 is not a supply issue, assuring Nigerians that the country has “robust supply” of the vital commodity.
According to him, Nigeria has over 32 days of supply and not short of petrol.
He said the marketing team of the NNPCL is responsible for price adjustment and that the team “adjust prices depending on market realities”.
“This is really what is happening; this is making sure that the market regulates itself so that the prices will go up and sometimes, it will come down also,” he said.
“There is no supply issue; when you go to the market, you buy the product. You come to the market and sell it at the prevailing market prices, nothing to do with supply issues.
“We have robust supply; we have over 32 days of supply within the country,” he said.
On his message to Nigerians lamenting the skyrocketing prices of petrol, the NNPCL boss said allowing market realities to determine the prices of petrol is the way to go.
“What I know is that the market forces will regulate the market; prices will go down sometimes, sometimes it will go up, but there will be stability of supply. I am also assuring Nigerians that this is the best way to go forward so that we can adjust prices,” he said.
The unprecedented fuel prices come amid the unification of the foreign exchange rates by the Tinubu administration as well as rising inflation rates which the National Bureau of Statistics said hit 22.79% in June from the 22.41% recorded in May 2023.
Nigerians groan…
Many Nigerians are, however, not finding it funny, saying that the situation “is becoming unbearable”.
Angry motorists who are not happy with the latest development criticized the marketers for selling at N620 per litre of petrol when they are still selling their old stocks and have urged the government to do something about it.
At a filling station in Kaduna Victor Rueben, advised the government to fix the refineries in the country to stem continuous fuel price increase.
“In fact people almost fought here now because in our presence people that bought before me bought at N540, within a short time they said their light went off just for them to come back and adjust the metre to N620 and you have no option, like me my car just stopped and I couldn’t move, so I have to buy and maybe take the car home and park it because it is not funny now.
“My appeal to them (government) is this thing is becoming unbearable for the masses, if they know that they want to really do well as a government, let them see how they can put our refineries in order so that they will not be telling us that they are paying money to bring the product back.
“When they take the crude oil out they tell us they are paying higher money to bring it back, if our refineries are working, all these things won’t be like this,” Rueben said.
“I have been here for the past one hour; in less than 10 minutes they said they have increased the fuel price to N620. Is the new stock or old stock? We are using old stock, another resident, Iliyasu Abubakar said.
“Look at other vehicles there waiting for fuel but still they are selling N620 within a twinkle of an eye. Where are we heading to as Nigerians? Is there any justification in it? Let the government realise that things are worsening, we cannot just fold hands and start bearing it.”
A ‘Daniel’ will soon come to judgement’ – Ezekwesili
Reacting to the increase, former Minister of Education, Obiageli Ezekwesili expressed hope that the country would be freed from those she described as “wily genre of politicians” no matter how long it takes.
Ezekwesili expressed hope that the country would be freed from those she described as “wily genre of politicians” no matter how long it takes.
In a post via her verified Twitter handle on Tuesday, the former Minister said “Daniel” would soon come to judgement against deceitful politicians that swallow public resources while asking poor citizens to ‘sacrifice’.
“Our people in Africa say, “No matter how long it takes, the stammerer does eventually pronounce his surname, she wrote.
“Someday, a ‘Daniel’ will come to judgement no matter the shenanigans and stunts of these wily genre of politicians that swallow public resources while asking poor citizens to ‘sacrifice.’
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