NUPENG, PENGASSAN Reacts To Petrol Price Hike

The Nigeria Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association of Nigeria have expressed their displeasure at the deregulation of the downstream petroleum sector, saying that the country is still relying on imports for refined products.

As of Thursday, the Petroleum Products Pricing Regulatory Agency was yet release its guiding retail petrol price for the month, leaving operators confused.

In March, the PPPRA had advised the Nigerian National Petroleum Corporation (NNPC) and oil marketing companies on the monthly guiding retail price at which the product shall be sold across the country, following the sharp drop in crude oil prices which led to the reduction in the pump price of petrol

In July, the agency announced a new price band of N140.80 to N143.80 per litre, up from N121.50 to N123.50 per litre in June.

Recently it increased the ex-depot price by N6 to N138.62/litre for the month, a development that prompted marketers to hike the pump price of the product to between N148 and N150/litre.

The Chairman, Major Oil Marketers Association of Nigeria, and Managing Director/Chief Executive Officer, 11Plc, Tunji Oyebanji, told one of our correspondents that some members of the association had increased petrol price to N148 – N148.80 per litre.

He said marketers had interpreted PPPRA’s silence to mean that they should go ahead to fix the price themselves.

“There is a need for some clarity. If we are to fix the price of the product, we should be told so. There is a lot of confusion and people are not clear as to the direction. All we have is silence,” he added.


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