Labour kicks as FG begins gradual withdrawal of petrol subsidy

The Federal Government has officially increased the price of petrol by 8.8 per cent to N185 per litre, from N170 per litre.

The ex-depot price also shot up from N148 per litre to N167.

However, many filling stations have been selling far above this new price, a situation which may have made the new price almost unrealistic.

In a notice to fuel marketers on Thursday evening, the government directed that the new price should take immediate effect.

A few petrol stations belonging to the Major Marketers Association of Nigeria (MOMAN) immediately adjusted their pumps in line with the new price directive.

The development caused further anxiety for motorists who spent hours in fuel queues in search of the product.

A source said an internal memo was sent by the government to all marketers, including the Major Oil Marketers Association of Nigeria (MOMAN) and the Independent Petroleum Marketers Association of Nigeria, IPMAN.

Responding to the development, the President of IPMAN, Mr Chinedu Okonkwo, said: “So I heard but we are waiting for the circular because without that we cannot do anything. Hopefully, by tomorrow (Friday) we will get a clearer picture”.

When told that some major oil marketers have adjusted their pump price to the new approved price, he said, “well they can adjust as the product is scarce to get at the moment, but with the new approved price, we hope to get products so we can sell to consumers”.

Commenting on the development, the National Operations Controller, of the Independent Petroleum Marketers Association of Nigeria, Mr. Mike Osatuyi, said his members had continued to lift the product at N240 per litre.

Meanwhile, most independent retailers of petrol in Lagos have adjusted their pump prices to between N290 and over N300 per litre.

However, most of the IPMAN petrol stations do not have stocks of petrol, forcing a few with the products to sell at exorbitant prices.

The Federal Government had earlier announced plans for the gradual removal of petrol subsidy from April 2023 in order to achieve stability in the downstream sector of the petroleum industry.

In its reacting to the announcement of the petrol hike, the Organised Labour expressed shock, describing it as the “last kick of a dying regime”.

A labour leader who spoke on the condition of anonymity because organized labour needs to meet and take a full decision on the matter called on Nigerians to not only resist the hike but to express their frustration at the forthcoming polls.

“It is shocking that this government has decided to add to the suffering of Nigerians in the midst of unbearable hardship occasion by anti-people’s policies of the government.

“This increase is totally rejected and unacceptable to organized labour and the entire suffering Nigerian masses.

“We see this increase as the last kick of a dying regime and Nigerians are not ready to die with the regime.

“We cannot continue on this lane. The government cannot continue to use its failures to punish Nigerians.

“We have an understanding that we are not going to talk about any of the issues until the local refineries are functioning. It is wicked, insensitive and the height of provocation”, he stated.