By Kamil Opeyemi and Halimah Olamide
The Wednesday formal announcement of the increase in the prices of petroleum products have precipitated a wave of anger and frustrations across the country as many express pains moving forward under the new price regime.
NPO Reports that the Nigerian National Petroleum Company Limited put an end to speculations when it announced that petrol is now to sell for N488 per litre. It was the first time prices of fuel would be hiked over 200 percent of pending prices.
Announcing the prices on Wednesday, Garba Deen Mohammed, NNPC spokesman, said the company regrated any inconveniences in the face of what it called market realities.
“As we strive to provide you with the quality service for which we are known, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics. We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products. The company sincerely regrets any inconvenience this development may have caused,” NNPC had stated
The announcement was preceded by long queues at fuel stations after the Monday’s announcement of the removal of fuel subsidy by President Bola Tinubu.
While the Nigerian Labour Congress has warned of dire consequences of the action of government, the President said the removal of the subsidy was not his government’s decision but that of his predecessor.
President of the NLC, Joe Ajaero, said on Wednesday that the decision by the government showed little concern for workers.
“We are worried that the Government through the NNPC despite the ongoing meeting of stakeholders in the Oil and Gas sector to manage the unilateral.
“But unfortunate announcement by the President to withdraw subsidy on petroleum products, went ahead this morning to announce a new regime of prices under a new pricing template.
“This is an ambush and runs against the spirit and principles of Social Dialogue which remains the best platform available for the resolution of all the issues arising out of the petroleum Down-stream sector.
“This negates the spirit of allowing the operation of the free market unless the government has, as usual, usurped, captured or become market forces.
“It is therefore unacceptable and we seriously condemn it. Good faith negotiation is key to reaching agreement,” he said.
By the end of Wednesday, most filling stations that were filled with desperate buyers had become almost empty.
The manager of an NNPC outlet in the Ogba area of Lagos who spoke with NPO Reports on condition of anonymity, said once the official statement was released, many people drove off the station.
“No one was sure of the prices before noon. But once we got that circular from the NNPC and the news went round, most of those who had been at our station left,” he said
Panic buying had disappeared as soon as the new price regime was made public on Wednesday.
The social media is awash with angry reactions of Nigerians who have condemned the new government for announcing the subsidy was gone without announcing palliatives.