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Energy Crisis: Tinubu, NNPCL assure consumers no fuel price hike as NLC threatens ‘indefinite strike’

President Bola Ahmed Tinubu, GCFR

*President Bola Ahmed Tinubu has assured Nigerians there will be no increase in the pump price of petrol as the Federal Government is poised to address identified inefficiencies within the midstream and downstream petroleum sub-sectors to maintain current prices

Gbenga Kayode | ConsumerConnect

President Bola Ahmed Tinubu, GCFR, Tuesday, August 25, 2023, assured Nigerians that there would be no increase in the pump price of Premium Motor Spirit (PMS), otherwise known as petrol, anywhere in the West African country.

Ajuri Ngelale, Special Adviser (SA) to the President on Media and Publicity, Tuesday stated that the market has been deregulated and would remain so.

In regard to measures to addressing the dislocating Foreign Exchange (Forex) cum energy crisis in the economy, the presidential aide said the Federal Government would address the identified inefficiencies within the midstream and downstream petroleum subsectors to maintain current prices resorting to a reversal of the administration’s policy in the petroleum industry.

Earlier, Malam Mele Kyari, Group Chief Executive Officer (GCEO) of NNPC Limited, had blamed the second “approved”  petrol price hike of N617 on “market forces”.

NNPCL has no plan to increase fuel price, says Spokesman

Earlier Monday night, the Nigerian National Petroleum Company Limited (NNPCL), in a brief statement had said the state oil firm has no plan to jack up the pump price of petrol in the economy.

Muhammad GarbaDeen, Spokesman of NNPCL, in the statement, urged energy consumers to disregard speculations of a fresh hike in the price of the petroleum product.

Malam Mele Kyari, GCEO of NNPC Limited 

He also stressed the Company has no intention to increase petrol price for the third consecutive time since President Tinubu’s announcement of the removal of petrol subsidy Monday, May 29 this year, that “fuel subsidy is gone.”

The statement further said: “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.”

Frequent fuel price increases

It is noted that the Federal Government-owned oil company has repeatedly increased pump prices of Premium Motor Spirit since May 29.

Initially, from about N185, the prices skyrocketed to around N500, and later up to N617 last month.

ConsumerConnect reports  several energy consumers yet bought PMS at N700 in some parts of Lagos and other states July 2023, in Nigeria.

The seemingly endless product price hikes have induced hardships and socio-economic dislocations in the economy.

In the build-up to the outrage over fuel hikes among the populace, the Organised Labour organised recently led nationwide protests across the country.

Transportation costs have since hit the roof, and its attendant economic implications are being felt on food prices.

Organised Labour threatens to embark on indefinite strike, if….

Meanwhile, the leadership of the Nigeria Labour Congress (NLC) had warned the Federal Government against any further increase in the pump prices of petrol in the economy.

Joe Ajaero, President of NLC, Monday stated the Organised Labour would embark on an indefinite strike that may shut down the economy in the event of another petrol price hike by the NNPC Limited, the National Oil Company (NOC).

Ajaero noted this in an address delivered at the African Alliance of Trade Unions Executive Meeting, in Abuja, FCT.

It was learnt the meeting had in attendance  Labour Executives from Ghana, Kenya, Senegal, and South Africa.

The leadership of the NLC asserted they would activate a national indefinite strike should the Government allow another fuel price hike amid the ongoing negotiations with the government.

The Labour leader said: “As we’re here now, they’re contemplating increasing the pump price of petroleum products.

“And the Ministry of Labour, for some time now, will only go to the Ministry of Justice to come up with a so-called injunction to hold the hands of labour not to respond.”

Ajaero also said: “But let me say this, Nigerian workers will not give any notice if we have not addressed the consequences of the last two increases and we wake up from our sleep to hear that they have tampered with it again — the prices.”

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