google.com, pub-3998556743903564, DIRECT, f08c47fec0942fa0 Prince Chinedu Okafor Gifts Free Petrol To Tricycle Riders In Awka Amidst Fuel Price Hike

Prince Chinedu Okafor Gifts Free Petrol To Tricycle Riders In Awka Amidst Fuel Price Hike

 

Nigerians were taken aback earlier this week following the announcement of a new petrol pump price by the Nigerian National Petroleum Company Limited (NNPCL).

The NNPCL raised its retail price from N617 to N857 per litre on Tuesday, further deepening the country's economic difficulties.

Long queues at petrol stations, particularly in Abuja, have persisted for over two months. The recent price hike has worsened the situation, with only a few stations still dispensing fuel.

There are growing concerns that, despite the high cost, filling stations are tampering with meters, including those run by the government, cheating consumers in the process.

This comes as NNPCL management admitted to facing a debt challenge amounting to $6 billion in its international supply chain. Since the removal of the fuel subsidy on May 29, 2023, pump prices have fluctuated, with NNPCL maintaining a price of N617 per litre while other retailers charged even higher amounts.

In a statement, NNPCL's Chief Corporate Communications Officer, Olufemi Soneye, acknowledged that the debt crisis has led to the widespread fuel shortages, which are threatening supply sustainability.

Speculation has been rife that the company is struggling to meet fuel demands, though the government has consistently denied continuing any form of subsidy on petroleum products.

The recent developments have led to soaring fuel prices, with private retailers selling petrol for as much as N900 per litre, while the long queues remain unresolved.

The Nigeria Labour Congress (NLC) has called for an "immediate reversal" of the petrol price increase, accusing President Bola Tinubu of breaking the trust they had placed in him, especially concerning the newly agreed minimum wage deal, which the price hike now undermines.

Similarly, the Network Against Corruption and Trafficking (NACAT) has condemned the increase, demanding an end to what it terms the "imposition of toxic economic hardships" by the current administration.

On the streets of Abuja, many Nigerians expressed their frustration and disappointment. One businessman, Ejeh Samuel, lamented how transportation costs had skyrocketed within a single day, making it difficult to sustain his livelihood.

Taxi drivers echoed these sentiments, sharing their struggles with fuel shortages and the financial burden it places on them and their passengers.

Others, like a civil servant at the Ministry of Agriculture, expressed concerns about the diminishing value of their wages due to rising transportation and living costs. He criticized the government for focusing on personal luxuries rather than addressing the needs of the people.

Energy expert Eleojo Joseph described the price increase as insensitive, noting that Nigerians are already grappling with the pain of the sudden subsidy removal. He suggested that the decision may have been made in bad faith, potentially to undermine Dangote’s refinery. He further explained that NNPCL’s debt and lack of funds have hindered their ability to import fuel, leading to the ongoing scarcity.

In a press briefing on Thursday, Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), assured the public that the fuel crisis would soon be resolved, following discussions with Vice President Kashim Shettima and NNPCL's Group Managing Director, Mele Kyari.

It remains to be seen how the government will tackle the intertwined issues of pricing and fuel availability.

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