- FG denies approving hike
- NLC kicks, accuses Tinubu of betrayal
- Our petrol’ll hit market in 48 hours – Dangote
Anger, frustration, and despondency were the situation on Tuesday, as Nigerians woke up to yet another steep increase in the price of Premium Motor Spirit, otherwise known as petrol.
From Lagos, Ogun, and Edo in the South West and South-South to Niger, Borno and Zamfara in the north, it was all tales of woe by motorists and commuters.
While the price in Lagos shot up from N617 per litre at petrol stations owned by Nigeria National Petroleum Company Limited to N897, it rose as high as N1, 000 per litre in Abuja and other northern states from N840.
The fuel price was increased for the third time since the commencement of President Tinubu-led administration in 2023.
The directive announced that the NNPC Retail Management had approved an upward review of PMS pump prices.
This development came barely two days after the company admitted to challenges in importing fuel due to an $8 billion debt.
However, the NNPC spokesperson, Olufemi Soneye, declined to comment when contacted by journalists.
President Tinubu, upon assumption of office in May 2023 announced the removal of fuel subsidy, which led to the increase in transportation, and hardship for many Nigerians, as the prices of goods and services increased significantly.
Following the President’s announcement, fuel price jumped from N197 to between N480 and N570.
Also in July 2023, the petrol price was again increased to N617/litre at various outlets of the Nigerian National Petroleum Company Limited, while independent marketers sold the products for as high as N800/ litre.
The latest review however followed the recent revelation made by the NNPCL, stating that the cost of supplying petrol was putting financial strain on the company.
This, it said posed a threat to the sustainability of fuel supply in the country.
‘It’s falsehood,’ FG denies ordering NNPC to raise fuel price
However, the Federal Government has denied a report suggesting that the Ministry of Petroleum Resources ordered the Nigerian National Petroleum Company Limited to sell fuel at N1, 000 above the approved pump price.
The report claimed that the Minister for Petroleum Resources (Oil), Heineken Lokpobiri, gave the NNPCL the directive.
While dismissing the report in a statement signed by the Special Adviser, Media and Communication, to Lokpobiri, Nnemaka Okafor, on Tuesday and made available to journalists, the Federal Government declared that the report was concocted and ill-conceived to sow discord and confusion in the oil industry.
The statement stressed that there was never a time the Federal Government interfered with petroleum pricing with NNPCL, let alone give directives for price increment.
The statement read, “The Federal Government is compelled to address the outright falsehoods currently being circulated on social media, which claimed that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price.
“We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent. We challenge anyone in possession of any evidence-be it written documents, audio, or video recordings-that supports these fabrications to make it public.
“Such a claim is entirely devoid of truth and should be recognised as an intentional effort to mislead the public. It must be stressed that NNPCL operates as an independent entity under the Companies and Allied Matters Act, with a fully empowered Board of Directors.
“The Ministry of Petroleum Resources does not, and will not, interfere in the internal decisions of NNPCL, including pricing matters. Any suggestion otherwise is not only incorrect but also reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector.”
We feel betrayed by FG – NLC
The Nigeria Labour Congress has said it felt betrayed by the Federal Government following Tuesday’s increase in the pump price of petrol at NNPC Ltd’s fuel stations.
The NLC, in a statement by its president, Joe Ajaero, said, “One of the reasons for accepting N70, 000 as national minimum wage was the understanding that the pump price of PMS would not be increased even as we knew that N70, 000 was not sufficient.”
In his statement, Ajaero said President Bola Tinubu, during negotiations for the minimum wage, had given the NLC two options: “either N250, 000 as minimum wage (subject to the rise of pump price between N1, 500 and N2, 000) or N70, 000 (at old PMS rate).”
He said the NLC chose the latter option only for it to be confronted by Tuesday’s increase in petrol price.
“Here we are, barely one month later, with the government yet to commence payment of the new minimum wage, confronted by a reality we cannot explain,” Ajaero added, describing the situation as both “traumatic and nightmarish.”
The NLC president further criticised the government’s approach to resolving the fuel subsidy issue, arguing that the labour movement had foreseen the challenges but was dismissed by officials who accused them of lacking an understanding of basic economics.
He also linked the fuel price increase to what he described as a pattern of betrayal by the government, citing similar unfulfilled promises regarding electricity tariff hikes.
Ajaero condemned the government’s broader economic policies, which he said had led to widespread hardship and triggered protests such as the End-Hunger/End Bad Governance demonstrations.
He accused the government of responding to dissent with repression, including arrests and charges of treason against protestors.
“The clandestine increase in the pump price of petrol is the first among equally sinister policies the government has up its sleeve,” he warned, vowing that the NLC would not be intimidated.
The NLC demanded the immediate reversal of the fuel price increase, the release of all those arrested during recent protests, and called on the government to put a halt to the indiscriminate detention of citizens.
The NLC also demanded an end to policies that engender hunger and insecurity, electricity tariff hikes, and an end to what it described as the government’s “culture of terror, fear, and lying.”
Nigeria begins production of Petrol at Dangote Refinery, first time in 28 years
Meanwhile, Dangote Refinery has commenced the rollout of its first Premium Motor Spirit (Petrol) from its 650,000 barrels per day facility.
The President of Dangote Group, Aliko Dangote, disclosed this during a briefing with newsmen at the refinery in Lagos.
At the briefing, Dangote presented the first sample of Premium Motor Spirit refined at the facility.
He explained that the first sample from his refinery appeared clearer than the petrol currently in circulation.
Dangote stated that the company’s petrol will substitute import dependence, bring down inflation, and stabilize the Naira against the dollar.
He also expressed gratitude to President Bola Tinubu’s administration for fostering an environment conducive to the success of the initiative.
Dangote said, “I would like to salute the people of Nigeria and the government of President Bola Tinubu for giving us the platform for growth, development, and prosperity. I also want to thank him personally for creating the idea of the Naira for crude. Doing that will give the Naira stability.
“As we have this refinery working, it will show the true consumption of Nigeria; we can track every loaded truck and ship.”
He also said that his refinery will meet the demands of not only Nigerians but also sub-Saharan Africa.
He noted that this new petrol would also protect engines from damage caused by the unclear petrol that is typically found in the market.
This is the sample of the petrol. You see it as a different colour but that is the real deal. You are now going to have a good and real product.”
