MARKETERS BERATE N5 REDUCTION IN PETROL PUMP PRICE

Written by on December 9, 2020

AGAINST THE BACKDROP OF THE N5 REDUCTION IN THE PRICE OF PREMIUM MOTOR SPIRIT (PETROL) ANNOUNCED BY THE FEDERAL GOVERNMENT, FUEL MARKETERS HAVE SAID IT IS NOT POSSIBLE TO SELL THE PRODUCT AT N162 PER LITRE AMID THE CURRENT MARKET REALITIES.

THE MINISTER OF LABOUR AND EMPLOYMENT, DR CHRIS NGIGE, HAD EARLIER ANNOUNCED THE PETROL PRICE CUT AT THE END OF A MEETING WITH LABOUR LEADERS.

TOP OFFICIALS OF THE MARKETERS’ ASSOCIATIONS WHO SPOKE WITH OUR CORRESPONDENTS SAID THE PRICE DECREASE HAD NOT BEEN COMMUNICATED TO THEM, ADDING THAT THEY ONLY READ MEDIA REPORTS THAT THE GOVERNMENT HAD REACHED AN AGREEMENT WITH THE ORGANISED LABOUR TO REDUCE PETROL PRICE BY ABOUT N5 PER LITRE.

THE NATIONAL OPERATION CONTROLLER, INDEPENDENT PETROLEUM MARKETERS ASSOCIATION OF NIGERIA, MR MIKE OSATUYI, TOLD ONE OF OUR CORRESPONDENTS THAT GIVEN THE RECENT INCREASE IN GLOBAL OIL PRICES AND THE DEVALUATION OF THE NAIRA, “PETROL PRICE OF N162 CANNOT WORK, EXCEPT WE ARE GOING BACK TO SUBSIDY.”


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