Reps, NBA, PDP, And Others Call For Reversal Of Petrol Price Increase

LAGOS — AS fuel scarcity woes worsened in the country, the Nigerian Bar Association, NBA, House of Representatives, the Peoples Democratic Party, PDP, New Nigeria Peoples Party, NNPP, and Coalition of Northern Groups, CNG, among others, yesterday, called on the Federal Government to reverse the hike in fuel price.

On Monday, fuel price was raised from N568 per litre to N897 sparking outrage in the polity.

This is as Vice President Kashim Shettima met with Minister of State, Petroluem, Heineken Lokpobiri, the Group Chief Executive Officer of the Nigerian National Petroluem Company Limited, NNPCL, Mele Kyari and the National Security Advisor, NSA, over the recent increase in petrol pump price and the scarcity of the product across the country. Also, the Minister said the FG was not fixing price of petrol.

Meanwhile, NNPCL, yesterday, said petrol prices were determined by free market forces.

This came as Nigeria Employers’ Consultative Association, NECA, yesterday, said the government has been economical with the truth with the citizens on the situation of the local refineries and the fuel prices and situation in the country.

Recall that the NNPCL on Tuesday increased the pump price of petrol from N568 to N855, N897, depending on the location per litre, amid lingering fuel scarcity in the country, though it issued a statement saying it was not responsible for the petrol price hike.

The new increased price came after NNPCL admitted that it owed its suppliers more than $6billion in debt.

FG not fixing petrol prices—MINISTER

Also at the meeting was the Executive Director of Nigeria Mainstream, Downstream Petroleum Regulatory Authority, NMDPRA, Kalu Okuoha.

Speaking to State House correspondents after the meeting with the Vice President, Lokpobiri said: “We were summoned by the Vice President, who was directed by Mr. President to summon the meeting and we have been with him to brief him about what is going on across the country. And what is important is for us to convey to Nigerians that the President is empathetic about what is going on in the country. He is concerned about the hardship faced by Nigerians, and that was why he directed the Vice President to call the meeting, for us to reflect on what is going on in the country.

“What is important is that products are available in the country, and we believe that between now and the weekend, there will be availability of products across the length and breadth of the country.

“The price could be high in some other areas, much more higher in some other locations, and in some locations, much more than you know other areas.

“But we believe that by the time there is availability of products across the country, the price itself will stabilize.

“But what is important is that government is not fixing prices. This sector is deregulated, and we believe that with availability of products, the price will find its level. This is important for Nigeria to know.

“The summary is that the President is empathetic about what’s going on. That’s why he directed this meeting. There is enough product in the country to meet the demands of Nigerians. There should be no panic buying. And we also believe that Nigerians need to know that government is not fixing prices. That is what I want to convey to Nigerians.”

Executive Director of NMDPRA, Kalu Okuoha, while briefing also said: “All regulatory efforts are now geared towards stabilizing supply, with a resultant impact that will be positive on the stability of price.

“To that objective, the regulator is ensuring that there’s increased operating hours from all loading depots. Vessels are being cleared promptly and extended hours where safety can permit for truck-outs as well.

“More importantly also is reinforcement of the support being given to local refiners because with increased production from them, we, indeed, like the minister, has said, there will be higher supply, which will stabilize the price. That’s the effort that the regulator is making.”