After Recommending N234 Per Litre, NNPC Announces When New Fuel Price Hike will be Imposed

After Recommending N234 Per Litre, NNPC Announces When New Fuel Price Hike will be Imposed

- The federal government has not yet taken a final decision regarding fresh petrol price increase

- NNPC disclosed why a decision on the issue is being delayed

- However, the organised labour has kicked against any future increase in the price of petrol

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The Nigerian government has opened up the possibility of its citizens paying more to purchase petrol in the future.

The Nigerian National Petroleum Corporation (NNPC) disclosed that it will maintain the current N165/litre price of petrol until the end of negotiations with organised labour, Daily Trust reported.

After recommending N234 per litre, NNPC reveals when new fuel price hike will be imposed
NNPC says the current subsidies on petrol are not sustainable. Photo: @Kofi_Bartels, @NNPCgroup
Source: Twitter

A spokesperson for the NNPC, Dr. Kennie Obateru, made the disclosure during an address to newsmen in Abuja.

He said the corporation has no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol.

According to The Cable, Obateru told petroleum products, marketers to avoid arbitrarily increasing the price of petrol.

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He also urged motorists not to engage in panic buying, stressing that NNPC was committed to ensuring energy security for the country as the supplier of last resort.

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Obateru's statement came after Mele Kyari, NNPC general managing director (GMD), said petrol could soon be sold at N234/litre in Nigeria.

Kyari said that the federal government can no longer afford to subsidise the cost of buying petrol in the country.

He disclosed that the federal government spends about N120 billion on fuel subsidy monthly.

The NNPC boss disclosed that the actual cost of importation and handling charges amounts to N234 per litre.

Meanwhile, the leadership of the Nigeria Labour Congress (NLC) has reacted to the federal government's plan to increase the price of petrol to N234 per litre.

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Petrol: Anxiety as FG gives fresh details, reveals why Nigerians will buy litre at N234

In an interview with Daily Trust, the NLC's president Ayuba Wabba, said Nigerians, who are still dealing with the harsh realities of COVID-19, cannot take more hardship from the federal government.

Wabba said the matter is even worse because the proposal is coming at a time when there is widespread unemployment and a high rate of inflation.

Source: News

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