FG Raises Concern Over Possible Scarcity Of Petrol

A file photo of an attendant filling the fuel tank of a car.

 

The Nigerian Government is worried about the possibility of a scarcity of Premium Motor Spirit (PMS), also known as petrol, in the country.

Mr Timipre Sylva, who is the Minister of State for Petroleum, raised the concern on Monday at a late-night meeting between the government and leaders of the organised labour.

The meeting was a continuation of the series of dialogues between both parties in a bid to persuade the labour unions not to go on strike over the increase in the price of petrol and electricity tariff.

At the resumed sitting, the Technical Committee on PMS presented its report while the Committee on Electricity Tariff said its work was ongoing.

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Presenting the report, Chairman of the Technical Committee on PMS, Onochie Anyaoku, highlighted the areas where the government should work on to reduce the price of petrol.

Thereafter, the meeting then entered into a closed-door session to consider the report presented by Mr Anyaoku while the labour leaders requested 21 days to study the report.

After about three hours later, Mr Sylva and the Minister of Labour and Employment, Dr Chris Nigige, who was also at the meeting briefed reporters on the government’s decision on the report presented.

Mr Sylva warned that another three weeks to study the report could have an effect on the availability of petroleum products in the market.

The Secretary to the Government of the Federation, Mr Boss Mustapha, as well as the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, also attended the meeting.

A fuel station in Lagos sells petrol at N162 per litre.

 

The labour leaders were led by President of the Nigeria Labour Congress (NLC), Ayuba Wabba, and President of the Trade Union Congress (TUC), Quadri Olaleye.

In November 2020, the government raised the depot price of petrol from N147.67 to N155.17 per litre, forcing marketers to sell between N165 and N173 naira per litre in various parts of the country.

Despite the announcement of N5 reduction by the government amid the controversy that trailed the increment, Nigerians have continued to bear the burden of the price hike.

The meeting to resolve the issues of increased petrol pump price and electricity tariff was adjourned in December 2020, with hopes that it would be reconvened on January 25, 2021.

At the opening of the discussion, Mr Mustapha assured the labour leaders that the government was ready to implement the overall agreement that would be reached at the end of the day to minimise industrial actions.

On their part, Mr Wabba and Mr Olaleye said the unions were committed to ensuring that the negotiations yielded the needed results.

FG, Labour Leaders Resume Talks Over Increased Petrol Price, Electricity Tariff

A fuel station in Lagos sells petrol at N162 per litre.

 

The Federal Government has reconvened the meeting with the organised labour to continue dialogue on the recent increase in the pump price of petrol and electricity tariff.

At the last meeting which held two weeks ago, the dialogue was suspended to enable the government do further consultations as the labour leaders insisted on the reversal of the new prices of petrol and electricity tariff.

In his opening remarks at the resumed negotiation on Monday in Abuja, the Minister of Labour and Employment,  Chris Ngige, noted that much of the consultations have been made since the last meeting.

He also informed the labour leaders that a lot of work has been done by the Federal Government team on the issue of palliatives.

The Secretary to the Government of the Federation (SGF), Boss Mustapha, on his part, stated that the interests of the country and its citizens have continued to drive the discussions so far and the various positions taken.

FG Set To Demolish Structures Around High Tension Cables
A file photo of an electricity pole.

 

He maintained that the government has never seen the organised labour as a nuisance, rather it considered it as a critical partner.

According to the SGF, the organised labour has constantly drawn the attention of the government to the need to improve the welfare of the Nigerian people.

The labour leaders were led to the meeting by the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

NLC President, Ayuba Wabba, informed the government team that the labour leaders expected that progress should be made, especially on how to reach some of the milestones set during all previous meetings.

For the TUC President, Peter Esele, the meeting would be a successful one as he would be discussing with peace of mind.

How Nigeria Will Become A Net Exporter Of Petrol, Others – Buhari

A file photo of an attendant filling the fuel tank of a car.

 

President Muhammadu Buhari has explained how Nigeria will become a net exporter of Premium Motor Spirit (PMS), also known as petrol, and other petroleum products.

He believes this is achievable by the implementation of the Refinery Roadmap rolled out in 2018, saying the deployment of modular refineries is one of the four key elements of his administration.

President Buhari made the remarks on Tuesday at the virtual inauguration of the 5,000 barrels per day Waltersmith Modular Refinery in Ibigwe, Imo State.

“There is increased momentum in the other three focus areas under the roadmap covering the rehabilitation of existing refineries, co-location of new refineries, and construction of greenfield refineries,” he was quoted as saying in a statement by his media adviser, Femi Adesina.

The President added, “The realisation of the refinery roadmap will ultimately lead us to become a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.

“This modular refinery is the largest commissioned modular refinery in the country today.”

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The event also featured the ground-breaking ceremony for the Phase-II works to expand the capacity of the refinery to 50,000 barrels/day.

Against the backdrop of the recent increase in the pump price of petrol in Nigeria, President Buhari believes the establishment of modular refineries in the country will make petroleum products available and eliminate importation.

He was delighted that the modular refinery came on stream within two years of the commencement of the roadmap, after many years of granting licences for the establishment of modular refineries with nothing to show for it.

 

Bigger Opportunities

The President also described plans to commence the expansion of the capacity of the refinery to 50,000 barrels per day to refine crude oil and condensates as an important part of economic reforms the country was undergoing.

“The role played by the Federal Government through the Nigerian Content Development and Monitoring Board (NCDMB) in going into collaboration with Waltersmith Refining and Petrochemical Company is novel in concept and superb in delivery.

“I look forward to seeing this new phase completed within the target timeframe,” he said.

A file photo of President Muhammadu Buhari.

 

President Buhari, therefore, directed the Ministry of Petroleum Resources, Department of Petroleum Resources (DPR), NNPC, as well as all relevant government agencies to provide the company all the necessary support to access crude oil and condensate feedstock for the timely delivery of the additional capacity.

In line with his administration’s agenda on job creation, he said he was pleased that hundreds of direct and indirect jobs were created during the construction of the first phase of the project in addition to the various business opportunities.

The President stated that the construction of the second phase of the project would create bigger additional employment opportunities.

He thanked the local community and the people of Imo State for hosting the refinery, which, he stressed, would bring prosperity and economic development to the area.

 

President Buhari also commended the Ministry of Petroleum Resources, the Minister of State for Petroleum Resources, Timipre Sylva, as well as the chairman and members of the governing council, management, and staff of the NCDMB for making the public-private partnership a success.

He lauded the chairman, board, management, and staff of Waltersmith Refining and Petrochemical Limited for their professionalism and focus in getting the project completed.

Imo State Governor, Hope Uzodinma, and Mr Sylva cut the tape on behalf of the President at the event.

Others in attendance included the Group Managing Director of NNPC, Mele Kyari, NCDMB Executive Secretary, Simbi Wabote, and Chairman of WalterSmith, Abdulrazaq Isa, among others.

Nigeria Signs Agreement With Niger Republic To Import Petroleum Products

A file photo of an attendant filling the fuel tank of a car.

 

The Federal Government of Nigeria and the Republic of Niger have on Thursday signed a Memorandum of Understanding (MoU) for petroleum products transportation and storage.

Following bilateral agreements between Nigeria’s President Muhammadu Buhari and President Mahamadou Issoufou, talks have been on-going between two countries for over four months – through the Nigerian National Petroleum Corporation and Niger Republic’s National Oil Company, Societe Nigerienne De Petrole (SONIDEP), on petroleum products transportation and storage.

Niger Republic’s Soraz Refinery in Zinder, some 260km from the Nigerian border, has an installed refining capacity of 20,000 barrels per day. Niger’s total domestic requirement is about 5,000bpd, thus leaving a huge surplus of about 15,000 bpd, mostly for export.

A release by the GGM/SA Media to the Minister of State for Petroleum Resources, Garba Deen Muhammad, stated that the MoU was signed by the GMD NNPC, Mallam Mele Kyari, and the Director-General of SONIDEP, Mr. Alio Toune under the supervision of the two countries’ Ministers of State for Petroleum, Çhief Timipre Sylva and Mr. Foumakoye Gado, respectively with the Secretary General of the African Petroleum Producers Organisation (APPO), Dr. Omar Farouk Ibrahim in attendance.

Speaking shortly after the MoU signing, the Nigerian Minister of State for Petroleum Resources, Chief Timipre Sylva expressed delight over the development, describing it as another huge step in developing trade relations between both countries.

“This is a major step forward. Niger Republic has some excess products which needs to be evacuated. Nigeria has the market for these products,” he said. “Therefore, this is going to be a win-win relationship for both countries.”

‘There’s A Limit To What Nigerians Can Tolerate,’ NLC Rejects Petrol Price Hike

A file photo of NLC members waving the union’s flags.

 

The Nigeria Labour Congress (NLC) has demanded the immediate reversal of the pump price of Premium Motor Spirit (PMS), also known as petrol.

In a statement on Monday by the NLC President, Ayuba Wabba, the union took a swipe at the government and condemned the increase in the price of the product.

It stated that the recent hike in petrol pump price has worsened the level of pain and anguish in the country.

According to the NLC, it is worrisome to make Nigerians continue to suffer for the failures of successive governments to properly manage the nation’s refineries.

It added that the development has questioned the explanations made by the government on the payment of subsidy.

READ ALSO: FG Links Recent Petrol Price Hike To Pfizer’s COVID-19 Breakthrough

The union insisted that the nation would not have been in its present position if the government had been alive to its responsibilities.

It warned that Nigerians have a limit to tolerate the continued increase in the price of refined petroleum products and other essential goods and services.

On the way forward, the NLC asked the government to fix the nation’s refineries, stressing that several options were available to tackle the trend of high prices of refined petroleum products.

Among other recommendations, it asked the government to declare a state of emergency in the downstream petroleum sector and seal refining deals with refineries closer to Nigeria.

A file photo of an attendant filling the fuel tank of a car.

 

The union was, however, silent on what action it would take if the increased price was not reversed.

The Federal Government had announced a new pump price band for petroleum products, raising the ex-depot price of petrol to N155.17, making marketers sell between N165 and N173 per litre to consumers.

Read the full statement by the NLC below:

THE NIGERIA LABOUR CONGRESS CONDEMNS AND REJECTS THE RECENT INCREASE IN THE PRICE OF PETROL (PREMIUM MOTOR SPIRIT)

There is no doubt that there is great disquiet in the land over the extraordinary level of inflation in the country. The recent increase in the pump price of the Premium Motor Spirit (PMS) has only exacerbated the current level of pain and anguish in the country.

The recent increase in the pump price of PMS is clearly against the spirit and content of what Organized Labour agreed with government at the last negotiations over the last fuel price increase.

It has also cast in very bad light our utmost good faith with regards to government explanations that it lacks funds to continue bankrolling the so-called subsidy payments as such would sooner than later cripple the entire economy, throw the country into severe economic crisis and cause loss of jobs in millions.

While we await the full recovery of our refineries as contained in our agreement with government, Nigerians cannot be made to bleed endlessly for the failures of successive government to properly manage our refineries, ensure value for money for the numerous Turn Around Maintenance (TAM) which were poorly and barely executed and the horrifying lack of interest in prosecuting public officials and private business people who have profited from the rot in our petroleum sector and the collective misery they have imposed on the general population.

The truth is that we would not have been in this precarious situation if government had been alive to its responsibilities. There is a limit to what the citizens can tolerate if this abysmal increases in the price of refined petroleum products and other essential goods and services continue.

While we fix our refineries, there are a number of options open to government to stem the tide of high prices of refined petroleum products. One is for government to declare a state of emergency in our downstream petroleum sector. As a follow up to this, government should enter into contract refining with refineries closer home to Nigeria.

This will ensure that the cost of supplying of crude oil is negotiated away from prevailing international market rate so that the landing cost of refined petroleum products is significantly reduced.

Government should also demonstrate the will to stamp out the smuggling of petroleum products out of Nigeria. We need to see big-time petroleum smugglers arraigned in the court of law and made to pay for their crimes against the Nigerian people. Government has the resources available to it to ensure this economic justice to Nigerians.

The question in the minds of many Nigerians is if government is willing to go headlong against major financiers of the major political parties known to the public as the architects of the current national woe.

We also demand that Nigerians should be carried along on the distribution of refined petroleum products. Information of the distribution of petroleum products to petrol stations should be advertised and made public knowledge.

It should not be difficult to establish the average time it takes a petrol station to exhaust its supplies. There is already an established market trend which will help government fix the rot in Nigeria’s downstream petroleum sector.

Second, we call on government to review the entire process of licensing for modular and bigger refineries. It is queer to depend on the enterprise of one man to fix Nigeria’s downstream petroleum subsector. The more public and private refineries in play, the higher the competition.

This would serve end consumers who would benefit from lower prices. Organized Labour will not accept a fait accompli of the monopoly of Nigeria’s downstream petroleum sector or the emergence of a cartel of Oligarchs whose end game is mass pauperisation.

Third, in line with our recent agreement with government, we will be receiving updates in the next few days from our unions in the petroleum sector which have been given the mandate to keep surveillance on government promise to overhaul our public refineries.

We will also receive updates from our representatives in the electricity review committee. The updates we receive will determine whether the government has kept to its side of the bargain which is to take serious steps to recover and reposition our public refineries.

The outcome of this engagement will determine our response in the coming days. But while we are at that, we condemn the recent price increase, and we call for its reversal with immediate effect.

Comrade Ayuba Wabba, mni

President

16th November 2020

FG Links Recent Petrol Price Hike To Pfizer’s COVID-19 Breakthrough

The Federal Government has explained the rationale behind the recent increase in the pump price of Premium Motor Spirit (PMS), also known as petrol.

Mr Timipre Sylva, the Minister of State for Petroleum Resources, said the hike is as a result of the announcement by an American pharmaceutical company, Pfizer, on its recent breakthrough in the fight against the coronavirus (COVID-19) pandemic.

He told State House correspondents on Monday in Abuja that the announcement of a COVID-19 vaccine by Pfizer triggered a slight increase in the price of crude oil in the global market.

“What happened recently was because of the announcement of a vaccine for COVID-19 by Pfizer. With that, crude oil prices went up a little bit,” the minister said after a routine visit to President Muhammadu Buhari at the Aso Villa.

He added “If you have been following crude oil prices, you would have seen that crude oil prices went up a little bit as a result of this announcement.

“So, when crude oil prices go up a little bit, then you will see that (it will) instantly reflect on the price of petrol, which is a derivative of crude oil.”

Minister of State for Petroleum Resources, Timipre Sylva, briefs State House correspondents in Abuja on November 16, 2020.

 

According to Sylva, the pump price of petrol is directly determined by the price of crude oil in the global market.

He stated that it was not the first time the government would give the same explanation whenever the pump price of petrol changed in the country.

The minister explained that the government took the decision to deregulate the sector in order to ensure its optimum performance.

He said, “When the price of crude oil goes up, then it means that the price of the fixed stock has gone higher; it will also affect the price of the refined product and that is why you see that product prices are usually not static, it depends on the price of crude oil which goes up and down.

“That is why we say, deregulate so that as the price goes up or down, you begin to go up and down as well at the pump. Before now, we fixed it – which was not optimal for us as a country.”

A file photo of an attendant filling the fuel tank of a car.

 

Sylva added that the nation’s earnings were not fixed because they were dependent on crude oil prices and fixing the pump price would be unsustainable at some point.

He stated that this was why the government decided to keep the price floating, to be determined by the price of crude oil in the international market.

Labour Leader Describes Petrol Price Increase As Insensitive, Warns Against Another Protest

A file photo of an attendant filling the fuel tank of a car.

 

A former vice president of the Nigeria Labour Congress (NLC), Issa Aremu, has described the latest increase in the pump price of petrol by the PPMC as insensitive and uncalled-for.

He warned that increasing the pump price of petrol at a time many citizens were going through severe economic hardship could trigger another round of civil unrest, saying it would not augur well for the country.

Aremu gave the warning on Saturday on the sidelines of the three-day prayer held in honour of the late former governor of old Kaduna State, Balarabe Musa.

He stressed that with the increase of petrol pump price, the Federal Government’s policy on deregulation might take the country to the path of a governance crisis.

President Buhari Advised Against Foreign Loan
A file photo Mr Issa Aremu.

 

The labour leader stated that creating a new template of price increase at a moment when the country was coming out of a protest and crisis of economic hardship would amount to the highest point of insensitivity on the part of the government.

He, however, said there was a need for the organised labour and the National Assembly to engage the executive arm of government on how best to go about with the pricing modulation in the petroleum sector in order not to put the masses into endless hardship.

Aremu called for the fixing of the refineries rather than imposing new prices which he noted were not in the best interest of the ordinary people.

He reacted to the decision of the governors of Lagos and Kwara States to stop the payment of pension to former governors and their deputies.

The labour leader challenged politicians to emulate the leadership qualities of late Balarabe Musa who put public interest above his personal benefit.

Petrol Price Increase Looms As PPMC Adjusts Ex-Depot Fee

A file photo of an attendant filling the fuel tank of a car.

 

A fresh hike in the pump price of Premium Motor Spirit (PMS), popularly known as petrol looms following the adjustment of the ex-depot price of the product.

This adjustment was contained in a leaked internal memo from the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), sighted by Channels Television on Friday.

The document marked PPMC/C/MK/003 and dated November 11, 2020, was signed by the Manager Marketing of the PPMC, one Mr Tijani Ali, and addressed to the Executive Director of Commercial (EDC) of the agency.

It contains an advice which seeks an upward review of the ex-depot price of PMS, which is the price of the product sold at the tank farms, to N155.17 per litre from the initial N147.67 per litre.

Consequently, marketers would be dispensing the product to motorists within a band of N165 and N173 per litre.

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The memo read in part, “The EDC may please refer to the management directives in respect of the above subject (PPMC PMS prices for November 2020) as per the attached memo.

“In line with the above, we propose PPMC November 2020 actual prices for PMS with effect from 13th November 2020, as follows: PPMC Ex-Coastal Price for PMS N130 per litre; PPMC Ex-Depot Price (With collection) N155.17 per litre.”

A file photo of the Minister of State for Petroleum Resources, Timipre Sylva.

 

In September, the Federal Government declared a fully deregulated downstream oil sector, paving the way for prices to be determined by market forces, especially international oil price.

The deregulation had been singled out as the reason behind the recent hike in the price of petrol.

According to the Minister of State for Petroleum Resources, Timipre Sylva, deregulation will be difficult for Nigerians at the initial stage but will get better in the long run.

He added that since the announcement of full deregulation in March, the Federal Government has saved over N1 trillion.

Fuel, Electricity Hike: Protesters Urge Lawmakers To Intervene

 

A group of protesters on Wednesday staged a protest at the entrance of the National Assembly complex in Abuja, calling on the lawmakers to prevail on the executive arm of government to reverse the recent hike in electricity tariff and the pump price of petrol.

The protesters numbering about a dozen carried placards with inscriptions rejecting the new hike and as well calling a pay cut for politicians instead of subsidy removal.

The protesters insist that the recent hike in the price of fuel and electricity tariff has led to unbearable inflation in prices of foodstuffs and services such as transportation.

A photo collage of the protesters at the main entrance of the National Assembly complex on Wednesday, September 16, 2020.

 

Nwokoro Ejike, FCT Chairman, Committee for Defense Of Human Rights, who spoke on behalf of the protesters described the fuel and electricity hike as illogical.

“It is illogical to increase fuel price and electricity tariff at such a time like this when the masses are suffering. We reject this!. We are asking our government if they truly serve us. If they truly lead us they should ensure that these prices are reversed immediately.”

He concluded that Nigerians will only feel the impact of government if these demands are met.

Market Forces To Now Determine Price Of Petrol, FG Reiterates

A petrol station metre in Abuja reads N125 on Thursday, March 19, 2020. Photo: Sodiq Adelakun
A petrol station metre in Abuja reads N125 on Thursday, March 19, 2020. Photo: Sodiq Adelakun

 

The price of Premium Motor Spirit (PMS), popularly referred to as petrol, will now be fully based on the forces of demand and supply, the Federal Government reiterated on Tuesday.

Speaking at a press conference in Abuja, the General Manager (Admin and Human Resources) of the Petroleum Products Pricing Regulatory Agency (PPPRA), Victor Shidok, said the market is now open.

“It is based on bargain power,” he said. “It is based on where you source your products.”

However, he noted that the government will ensure customers are protected from price-gouging and other ills associated with free markets.

“You could have a regulator that always stand and remain a watchdog to see how these forces are being played out, how the interest if both operators and consumers are being taken care of,” he said.

PPPRA is a Federal Government agency established in 2003 to monitor and regulate the supply, distribution and prices of petroleum products in the country.

Last Thursday, the Minister of State for Petroleum Resources, Chief Timipre Sylva said the nation has gone into full deregulation and market forces now determine the price of the product.

The deregulation has been singled out as the reason behind the recent hike in the price of petrol.

According to Sylvia, deregulation will be difficult for Nigerians at the initial stage but will get better in the long run.

He added that since the announcement of full deregulation in March, the Federal Government has saved over N1 trillion.

 

Petrol Price Increase: Why Nigeria Cannot Afford Fuel Subsidy – Buhari

A file photo of President Muhammadu Buhari.

 

President Muhammadu Buhari has reacted to the increase in the price of Premium Motor Spirit (PMS), also known as petrol, by oil marketers in the country.

He explained why the country has found itself in such a situation, as well as why the Federal Government cannot afford to pay fuel subsidy at this time.

The President gave the explanation on Monday at the first-year Ministerial Performance Review Retreat which held at the Conference Centre of the Presidential Villa in Abuja.

“There are several negative consequences if the government should resume the business of fixing or subsidising PMS prices. First of all, it would mean a return to the costly subsidy regime,” said President Buhari who was represented at the event by the Vice President, Professor Yemi Osinbajo.

He added, “Today, we have 60 per cent less revenues; we just cannot afford the cost. The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this administration.

“Nigerians no longer have to endure long queues just to buy petrol, often at highly inflated prices.

“Also, as I hinted earlier, there is no provision for fuel subsidy in the revised 2020 budget, simply because we are not able to afford it, if reasonable provisions must be made for health, education and other social services. We now have no choice.”

The President’s explanation comes against the backdrop of the outrage triggered by the increase in the pump price of petrol – one which was widely condemned by various individuals and groups in the country.

While the Pipelines and Product Marketing Company (PPMC) reviewed the ex-depot price of petrol from N138.62 to N151.56 per litre in September, a majority of oil marketers were selling above N160 per litre.

A fuel station in Lagos sells petrol at N162 per litre.

The Long-Term Gains

For President Buhari, the COVID-19 pandemic, which has affected economies globally, has compelled the government to make some adjustments which he described as far-reaching.

Although he admitted that such reviews would cause some initial pain for the people, he insisted that they were necessary for the long-term gains.

“As you all know, when oil prices collapsed at the height of the global lockdown, we deregulated the price of Premium Motor Spirit (PMS) such that the benefit of lower prices was passed to consumers.

“This was welcome by all and sundry. The effect of regulation though is that PMS prices will change with changes in global oil prices. This means, quite regrettably, that as oil prices recover, we would see some increases in PMS prices,” he stated.

A file photo of an attendant filling the fuel tank of a car.

 

The President, however, gave an assurance that the government would remain alert to its responsibilities.

According to him, the role of the government now is to prevent marketers from raising prices arbitrarily or exploiting citizens.

President Buhari stressed that this was why the PPRA made the announcement last week to set the range of price that must not be exceeded by marketers.

“The advantage we now have is that anyone can bring in petroleum products and compete with marketers, that way the price of petrol will keep coming down,” he said.

Nigerians Pay More For Fuel As Depot Price Hits N151.56

Report Any Station Selling Petrol Above N145, NNPC Tells Nigerians
A file photo of a nozzle pump.

 

Petrol stations across the country increased the price of Premium Motor Spirit, popularly known as petrol,  on Thursday.

The prices ranged from between N155 and N162 per litre, Channels Television correspondents across the country observed.

The increase was triggered after the product’s depot price was increased on Wednesday from N138.62 to N151.56, according to an internal memo from the Pipelines and Product Marketing Company (PPMC).

The PPMC is a subsidiary of the Nigerian National Petroleum Corporation (NNPC).

According to the memo, the new product price adjustment will take effect from September 2.

However, it did not state the Expected Open Market Price of the commodity.

Meanwhile, the Minority Caucus in the House of Representatives has rejected the increase in the pump price.

“This is because such increase will directly result in more hardship on our citizens, particularly at this critical time when majority of Nigerians, across the country, are struggling to survive under the burden of high cost of living and low purchasing power occasioned by the prevailing economic challenges,” the Caucus said in a statement signed by Minority Leader, Ndidi Elumelu.

The Peoples Democratic Party (PDP) has also rejected the price increase.

Monthly Change

In March, the Petroleum Products Pricing Regulatory Agency (PPPRA), a federal government agency, said it will start the modulation of petroleum products prices on a monthly basis from April 1.

PPPRA Executive Secretary, Mr Abdulkadir Saidu, at a press conference, said the price modulation will be determined by market forces, including the price of crude oil.

The PPPRA said it will hold several engagements with petroleum marketers in a bid to secure their buy-in as the prices of their products fluctuate based on market forces.

The prices have alternated since then every month.