The Nigerian National Petroleum Company Limited (NNPC Ltd) on Wednesday announced an increase in price of petrol, an indication of total fuel subsidy removal.
The company subsequently adjusted the pump price of Premium Motor Spirit (PMS) across its retail outlets, in line with the current market realities.
The adjustment by NNPC Ltd. was triggered by the pronouncement of President Bola Tinubu that fuel subsidy has ended with the coming of his administration.
NNPC Ltd retail outlets in Abuja have increased the of petrol from N194 per litre to N537 per litre.
Chief Corporate Communications Officer NNPC Ltd. said as it strived to provide quality service which the company was known for, prices would continue to fluctuate to reflect market dynamics.
“The NNPC Ltd. wishes to inform our esteemed customers that we have adjusted our pump price of PMS across our retail outlets, in line with the current market realities.
“We assure you that NNPC Ltd. is committed to ensuring ceaseless supply of products.
“The Company sincerely regrets any inconvenience this development might have caused,” Muhammad said.
He appreciated the continued patronage, support and understanding of its customers through this time of change and growth.
Meanwhile, the Nigeria Labour Congress (NLC) has urged the Federal Government to immediately instruct the Nigerian Petroleum Company Ltd (NNPCL) to withdraw the just released pricing template to allow free flow of discussions by the parties.
Mr Joe Ajaero, the NLC President, made the call in a statement signed by him on Wednesday in Abuja.
Ajaero said that the new pricing template is vexatious, an ambush and may scuttle its ongoing dialogue with the federal government.
According to Ajaero, government cannot in one breathe be talking about deregulation and at the same time fixing the prices of petroleum products.
“We are worried that the Government through the NNPC despite the ongoing meeting of stakeholders in the Oil and Gas sector to manage the unilateral.
“But unfortunate announcement by the President to withdraw subsidy on petroleum products, went ahead this morning to announce a new regime of prices under a new pricing template.
“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 Down-stream sector.
“This negates the spirit of allowing the operation of the free market unless the government has, as usual, usurped, captured or become market forces.
“It is therefore unacceptable and we seriously condemn it. Good faith negotiation is key to reaching agreement,” he said.
He added that what the government has done is like holding a gun to the head of Nigerian people and bring undue pressure on the leaders, thus undermine the dialogue.
The NLC president said that Nigerians would not accept any manipulation of any kind from any of the parties, especially from the representatives of the government.
“Our commitment to this process is buoyed on 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 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 Nigerian people. This is what we all seek at this time,” he said.
