Tension is growing across Nigeria following marketers adjustments of their pump price for premium motor spirit (petrol) by more than 200 percent. The NNPCL confirmed the emergence of a new regime of prices for petrol in the 36 states and Abuja, the Federal Capital Territory. The regime shows that price of petrol has been pegged at between N488 and N555 per litre.

NNPC stakeholders met on Wednesday morning. A resolution of the meeting by the management approved an upward review of the NNPC PMS pump price table for Mega/Standard/Leased Stations, instructing all marketers to adjust retail prices for the petroleum product across states.

President Bola Tinubu’s announcement in his inaugural address that “Fuel subsidy is gone” triggered the spike and arbitrary fixing of petrol prices by marketers.

A review of the new price list, shows that petrol will sell at the highest price in Maiduguri and Damaturu at N557 per litre and N550 per litre in the rest of the Northeast zone. Citizens of Birnin Kebbi will buy petrol at N545 the highest price of the product in the Northwest zone.

New Petrol Selling Prices Across Nigeria

The average price in the North Central zone will be N537 per litre, except in Ilorin, where it will sell for N515 per litre while citizens in the Southeast will buy petrol at an average price of N520 per litre. In Uyo and Yenegoa, petrol will sell at N515 per litre, while it will be sold at N511 in the rest of the Southsouth zone.

Consumers in Lagos will buy the product at N488 per litre, while the rest of the Southwest zone will get the product at N500 per litre.

NNPC, in a statement by its Chief Corporate Officer, Garba Deen Muhammad, earlier on Wednesday, noted that the new prices are “in line with current market realities”, adding that “it is pertinent to note that prices will continue to fluctuate to reflect market dynamics”.

Labour Kicks Very Vehemently

However, Comrade Joe Ajearo, national president of the NLC, has warned against the NNPC’s unilateral decision to arbitrarily increase the price of fuel. I a statement on Wednesday, he said such action would amount to an ‘ambush’, noting that it was vexatious and against the principle of social dialogue.

Mr Ajaero added that the congress was concerned that the oil and gas company had decided to fix the fuel price even though the government was still in the process of consulting with stakeholders in the petroleum industry, indicating that it was undermining the free market’s ability to operate in the industry and manipulative.

He added that the Congress had expected the government to give all parties involved in the sector the freedom to work without being put under any sort of constraint, noting that such an operation would have produced the best outcomes for Nigerians.

The NLC president, however, urged the government to instruct the NNPC to withdraw the pricing template fixed for petroleum across the country, warning that failure to do so will scuttle the ongoing dialogue on how to cushion the effect of the fuel subsidy removal in the state.

He said “This is an ambush and runs against the spirit and principles of social dialogue which remains the best platform available for the resolution of all the issues arising out of the petroleum downstream sector,” NLC said.

“The government cannot in one breath be talking about deregulation and at the same time fixing the prices of petroleum products. This negates the spirit of allowing the operation of the free market unless the government has as usual usurped, captured or become market forces.”

“We call on the Federal Government to immediately instruct the NNPC to withdraw this vexatious pricing template to allow free flow of discussions by the parties. Nigerians would not accept any manipulations of any kind from any of the parties, especially from the representatives of the government.

“Our commitment to this process is buoyed by the fact that all the parties would be committed to ensuring that it is carried out within the ambits of liberty without undue pressure. The release of that template may not allow us to continue if nothing is done to withdraw it so that the dialogue can continue unhindered. It is clear that the government is actually trying to scuttle the process.

“As it stands, the Federal Government has become fixated on their chosen course of action. Would this help this dialogue? It clearly will not. There must be flexibility to allow concessions and reasonable accommodation that will produce the best result for the Nigerian people. This is what we all seek at this time.”

Recall that President Bola Ahmed Tinubu announced the removal of fuel subsidy on Monday during his inaugural speech in Abuja. As a result, many petrol stations nationwide have locked their doors, and the few that are still selling fuel have increased their prices.

Many Nigerians have expressed their concerns about this development, with the majority calling for the reversal of the policy. In Bayelsa state, protests nearly broke out in the state capital when the staff of NNPC in the presence of people who have been on long queues for fuel changed the pump price to N515. Similar situation is being experienced across the country.

In Lagos, the roads were relatively free on Wednesday either because many vehicles were trapped in filling stations waiting for fuel or people simply refused to take their vehicles out. Transport fares have already sky rocketed with many people lamenting their inability to afford the fares.