Fuel consumers in Nigeria are still paying N170 per litre at the various filling stations despite the Federal Government’s decision to slash the price of the commodity to N162.44.
The Chairman of Major Oil Marketers Association of Nigeria (MOMAN), who also doubles as Managing Director of 11 Plc, Adetunji Oyebanji, reportedly told Vanguard, a local media outlet, that the reduction was not in the best interest of the downstream sector.
“We are completely in the dark as to how the price was arrived at, what the components are and other details that operators in the industry are expected to know and make meaningful business decisions.
“This uncertainty and policy somersaults would not augur well for the industry. We acknowledge that the times are hard but we need to think of the long-term sustainability of the industry. Without this investment, growth and new jobs would be a mirage. If my cost does not allow the reduction, we would not reduce the price. It can only work if marketers have finished their old stocks,’’ Osatuyi is quoted as saying.
“The government said it had deregulated. So, it is not possible to sell petrol at N162. If you ask anybody now in the industry, they will tell you the price at which they can sell is about N170 to N180,’’ he stated.
The Minister for Labour does not have the power to determine the price of petrol. Even the President can only do that if we go back to subsidy.”
The price cut was agreed at a recent meeting between the organised labour, including the Nigerian Labour Congress (NLC), Trade Union Congress (TUC) and the Federal Government.
Source: www.energynewsafrica.com