The recent upward revision of Premium Motor Spirit (PMS) price by the Nigerian National Petroleum Company Limited (NNPCL) to N617 per litre has drawn concern from Alhaji Mohammed Kuluwu, the Chairman of IPMAN, Borno state chapter.
Initially set at N550 per litre, the price of fuel saw an unexpected and abrupt surge, soaring to N617.
In his view, the absence of essential palliatives prior to the removal of fuel subsidy, combined with the latest price hike, is jeopardizing the welfare and living standards of Nigerians.
He perceives the Federal Government’s planned N8,000 palliative, which aimed to cushion the impact of fuel subsidy removal for 12 million Nigerian households, as a policy that has failed to achieve its intended purpose.
Speaking to newsmen in his Maiduguri office, Kuluwu expressed this view in response to Tuesday’s price hike of PMS per litre.
Kuluwu said, ‘The jerk up price of PMS is ill-timed and anti-democracy, as Nigerians have not been finding it easier to cope with the economy after President Bola Ahmed Tinubu earlier in May this year announced increase of the product from N187 to about N500/litre.’
‘Instead of the federal government to wake up from its slumber and address the continual devaluation of the naira against US Dollar which now stood at over N800/$1, it is busy increasing the pump price of our PMS. Unless our naira appreciate against the dollar, PMS prices will continue to rise.’
‘This is because, the dwindling value of the Naira has put pressure on fuel importers, including the NNPC Limited as well as major and independent marketers to jerk up prices of the product in order to sustain their businesses.’
‘Although many importers have been able to import the product, it can never be cheap, because it is based on the current market prices, especially foreign exchange.’ Said the IPMAN Boss.
He urged the Federal Government to seriously consider revising the palliative sum of N8,000 earmarked for the 12 million targeted households, citing the fuel subsidy removal as a crucial factor.
After verification, it has been ascertained that several filling stations in Maiduguri and its surrounding areas, notably Masida, Metrix, A.U.N, and NNPCL mega stations, have taken prompt action to raise their pump prices from N550 to over N600 per litre due to the prevailing panic buying.