National Telescope national telescope newspaper
Olatunde Oluwasola
The Nigerian National Petroleum Company (NNPC) Limited has quashed rumors of an impending increase in the price of Premium Motor Spirit (PMS), commonly referred to as petrol. The NNPC has raised concerns by revising petrol prices twice following the removal of subsidies on May 29, 2023.
In a succinct statement released on Monday evening, the NNPC refuted claims of a potential price surge for PMS, urging citizens to dismiss these speculations. The President of the Nigeria Labour Congress (NLC), Joe Ajaero, cautioned against any additional hike in petrol prices.
Nevertheless, NNPC Limited Spokesman, Muhammad Garbadeen, issued a statement asserting that the company has no intentions to implement a third consecutive price increase since the removal of the petrol subsidy earlier in the year.
Garbadeen stated, “Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide.”
Vehicles lined up at an NNPC station on Tuesday, July 18, 2023, as individuals sought to purchase petrol, reflecting the concerns surrounding the pricing changes.
Challenges Persist Amidst Petrol Subsidy Removal
The hope for relief from increased petrol prices faded as President Bola Tinubu’s inaugural speech on May 29, 2023, marked the removal of petrol subsidies. This decision promptly led to a surge in the cost of petrol, rising from N184 to N500 per liter. A mere two months later, the price soared to over N617 by Tuesday, July 18, 2023, triggering widespread discontent among financially strained citizens.
The Group Chief Executive Officer of NNPC Limited, Mele Kyari, attributed the second hike in petrol prices to market dynamics. Consequently, the escalating cost of transportation has reverberated across the economy, driving up food prices. In response to what they perceived as “anti-people policies” enacted by the Tinubu administration, Organised Labour staged protests on August 2, 2023.
This unprecedented surge in petrol prices, from N184 per liter to over N600, coincided with the unification of foreign exchange rates by the Tinubu administration and the escalating inflation rates. As a result, citizens have been grappling with the profound economic implications of these intertwined challenges.
