President Muhammadu Buhari seems to be under pressure to increase the pump price of petrol, from N145 per litre, to N200 per litre, Post-Nigeria gathered.
It could be recalled, that the former Group Managing Directors, GMDs, of the Nigeria National Petroleum Corporation, NNPC, had in a meeting with the Minister of State for Petroleum, Emmanuel Ibe Kachikwu, and the present GMD, NNPC, Maikanti Baru, called for an immediate upward review of the price of petrol.
The statement which generated a lot of controversy, has since been condemned by both the National Assembly, Political/Financial Experts, Labour Unions, Civil Society Groups, among several other meaning Nigerians.
Post-Nigeria further gathered, that despite the condemnation, the oil marketers have insisted that they will not back down in their increment, due to the high rate at which its members source forex to import the product.
According to the National President, Independent Petroleum Marketers Association of Nigeria, IPMAN, Mr. Chinedu Okoronkwo, a further price increase in petrol price is inevitable, as it is just a simple law of Economics, to ensure that the availability of petrol is not sabotaged.
He said, “But I will advise for total deregulation. The price moderation, which is the cap placed, is not healthy for the petroleum industry to grow.“There are people who have the FOREX to bring products and sell. By so doing, FOREX will crash. But when the industry is over protected like ours, the current challenges will be unending. The market force should drive the price,” IPMAN insisted.
President Buhari, who also doubles as the Minister of Petroleum, reacting to the call, dismissed any further increment, reiterating his administration’s resolve to continue to bring in the product with any further charges.
An NNPC source, who spoke on condition of anonymity, disclosed that one of the huge challenges the sector is facing presently, is the effect of the devaluation of the naira, which he said has added additional buying cost for marketers, aside landing duties, which has also gone up.
He said, “Gasoline is the top priority”, for NNPC, “Will do whatever they can” to stop shortages and keep prices stable.
Last week, the Petroleum Products Pricing Regulatory Agency, PPPRA, which oversees downstream regulations, had noted said there was “no basis” for price increase fears, while assuring Nigerians of “uninterrupted supply and distribution.”
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