Fuel hike: Experts seek speedy intervention of FG

Some Economic Experts on Thursday urged the speedy intervention of the Federal Government following the hike in the Pump Price of Premium Motor Spirit (PMS) by the NNPC Ltd..

Checks by the News Agency of Nigeria (NAN) showed that barely three weeks after increasing the pump price, the NNPC Retail Outlets in the FCT on Tuesday increased its fuel pump price again to N1,060 per litre as against N1,030.

NAN checks also revealed that most filling stations operated by the major marketers retained their old prices.

TotalEnergies and Cornoil fuel stations opposite the NNPC Ltd. Towers still sell at N1,109, Ardova Plc. and NIPCO sell at N1,125 and N1,150 respectively, while Kopdem Nig Ltd. sell at N1,170 without queues.

An oil and gas expert who spoke under annonymity, said the change by the NNPC Ltd. while other marketers maintained their former prices signified that the NNPC Ltd. was trying to catch up with the existing price.

The expert urged the Federal Government to hasten intervention measures towards assisting common Nigerians to convert their vehicles to Compressed Natural Gas (CNG) to alleviate the suffering being experienced due to high price of fuel.

Also speaking with NAN, Dr Chijioke Ekechukwu expressed worry over the adjustment of pump price, the third time in two months, adding that the increase in price was an additional stress to the hardship being experienced currently.

“We cannot over emphasise the impact these constant increases are having on the hardship being experienced by Nigerians currently.

“Disposable incomes have continued to be eroded, and the quality and standard of living are at their lowest ebb.

“I expect an urgent intervention in this regard to alleviate the sufferings of Nigerians,” he said.

Another expert, Mr Yushau Aliyu who decried inflation said the NNPC Ltd. would continue to adjust pump prices upward unless the domestic functional refineries registered their supply strategy.

“The NNPC Ltd. are bent on using inferior price models grossly influenced and guided by poor exchange rates regime and devastating inflationary measures,” he said.