Revert to old petrol price, Reps tell Presidency

• NNPCL refutes price agreement with IPMAN
• NLC, TUC leaders meet FG over price hike

The House of Representatives has asked the Presidency to revert to the old pump price of petroleum products, maintaining that the rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians.

Claims that the Nigerian National Petroleum Company Limited (NNPCL) agreed with the Independent Petroleum Marketers Association of Nigeria (IPMAN) regarding the price of Premium Motor Spirit (PMS), commonly known as petrol, were yesterday debunked by the oil company.

Also, a Federal Government delegation met with the leaders of the Nigeria Labour Congress (NLC) and Trade Union Congress of Nigeria (TUC), yesterday, over the recent fuel price hike amid the high cost of living in the country.

The lawmakers specifically demanded an urgent reversal of the hike in the price of fuel and cooking gas. They also urged governments to adopt policies that would alleviate the financial burden on their citizens, such as waiving taxes or levies on transportation and goods affected by high fuel costs.

House Deputy Minority Leader, Aliyu Madaki, in a motion sponsored with 111 other members, during yesterday’s plenary, said the recent hike in the prices of petrol and gas created an “unsustainable financial burden on ordinary Nigerians and exacerbated the cost of living”.

Noting that the removal of fuel subsidy, coupled with global oil price volatility and depreciation of the naira, contributed significantly to the rising cost of petrol at the pump and cooking gas for households, Madaki expressed concern that the escalating fuel and gas prices were impacting the cost of transportation, food, essential goods and healthcare.

According to him, these developments led to increasing inflation and pushed many families into deeper financial hardship.

Following a brief debate on the motion, the House called on the executive to revert to the old pump price and take immediate steps to stabilise the prices through targeted interventions such as temporary price relief measures, tax reductions, or subsidies on Liquefied Petroleum Gas (LPG) for low-income households.

It also called on NNPCL and relevant Ministries, Departments and Agencies (MDAs) to expedite the repair/maintenance of the country’s refineries to increase local refining capacity as a stop-gap measure to reduce dependence on imported refined petroleum products.

The lawmakers mandated the House Committees on Petroleum Downstream and Legislative Compliance to ensure compliance and report back within two weeks for further legislative action.
IPMAN President, Abubakar Maigandi stated that NNPCL agreed to reduce the ex-depot price of petrol for its members from N958 per litre to N955 per litre.

However, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that no such agreement existed.
Soneye explained that under the current deregulated regime, fuel prices were determined by market forces, not by agreements between NNPCL and marketers.

“There is no price agreement between IPMAN and NNPC or any marketer. The market forces determine prices under the current deregulated regime,” Soneye said.

He further noted that NNPCL had only provided a one-time N3 discount to marketers with funds deposited at NNPCL to facilitate fuel lifting and prevent shortages.

“This was a temporary measure. Prices are still determined by market forces, not by NNPCL,” he added.

The Guardian gathered that the meeting was held at the office of the Secretary to the Government of the Federation (SGF), Sen George Akume, in Abuja.

The Federal Government delegation was led by the Minister of Information and National Orientation, Mohammed Idris, while the President of NLC, Joe Ajaero; and TUC Secretary General, Nuhu Toro led the Labour team.

The Minister of State for Labour, Nkeiruka Onyejeocha; Minister of Finance, Wale Edun; and Minister of Budget and National Planning, Atiku Bagudu, also attended the meeting.

Others include the National Security Adviser (NSA), Nuhu Ribadu; Information Minister, Mohammed Idris; Minister of State for Petroleum, Heineken Lokpobiri; Minister of State for Petroleum Resources, EkperikpeEkpo and representatives of NNPCL.

No public statement was made at the end of the meeting, but the organisedlabour had expressed concerns over the recent increase in the pump price of petrol, electricity tariff, galloping inflation, and the high cost of living in the country.

NLC accused the government of focusing solely on fuel price increments, calling on the government to inform Nigerians of the destination it plans to take the country to.