Nigerians kick as NNPC Faults 145 Naira Per Litre Petrol Price Cap
Mon Sep 05, 2016 07:06:am Business
2.8K By Buchi Obichie
The petrol price cap of N145/litre has been faulted by former Group Managing Directors (GMDs) of the Nigerian National Petroleum Corporation (NNPC), who say it is not harmonious with the liberalization policy of the Federal Government.
A statement by the NNPC'S Spokesman, Mr Garba Mohammed, said the N145/litre price cap did not go well together with the liberalization policy when factors such as the foreign exchange rate, crude cost and Nigerian Ports Authority charges remain uncapped.
The former NNPC GMDs made this position known at the end of a one-day meeting put together by the NNPC'S Group Managing Director, Dr Maikanti Baru.
The stakeholders are also expressing concern over the declining production level of crude oil in Nigeria and its consequences on the environment and the nation's revenue.
They pointed out that if the current situation was left unchecked, it could lead to the crippling of the NNPC and the nation's oil and gas sector.
In addition, the stakeholders are also worried about the level of the NNPC'S debt profile; and advised that, as a matter of urgency, the NNPC should establish the true state of its current financial status and immediately decide on the most appropriate capitalisation model.
In reaction to the meeting however, the Nigeria Labour Congress, Trade Union Congress, Afenifere, former federal lawmakers, security experts and rights activists, have all vowed to resist any attempt by the Buhari Government to further increase fuel price.
General Secretary of the NLC, Dr. Peter Ozo-Eson, said Nigerians would not accept any further fuel price increment.
Ozo-Eson said that it was also up to Nigerians to decide whether to allow being subjected to the incessant increase in the fuel pump price or not.
He said, "We had given a warning before that Nigerians cannot take any further increase, that they shouldn't do it.
"That remains our position, and if they go ahead and do it, it is up to Nigerians to say how they want to respond to it. But we remain opposed to any new increase in the price of petroleum product."
Also the President of the Trade Union Congress, Bala Kaigama, warned Government not to take Nigerians for granted, because there was no paliatiative in place.
He said, "Nigerians have been taken for granted a couple of times by the Buhari Government but things would be different this time around. We would fight this modern day slavery."
The National Publicity Secretary of Afenifere, Yinka Odumakin, said the masses would resist the hike. "There is a limit to which you can tax poverty, it is only prosperity you can continue to make demands on.
"If you are unable to provide an enabling environment for people to improve their lives and you continue to tax them wantonly, you risk the rage of the poor," he said.
A statement by the NNPC'S Spokesman, Mr Garba Mohammed, said the N145/litre price cap did not go well together with the liberalization policy when factors such as the foreign exchange rate, crude cost and Nigerian Ports Authority charges remain uncapped.
The former NNPC GMDs made this position known at the end of a one-day meeting put together by the NNPC'S Group Managing Director, Dr Maikanti Baru.
The stakeholders are also expressing concern over the declining production level of crude oil in Nigeria and its consequences on the environment and the nation's revenue.
They pointed out that if the current situation was left unchecked, it could lead to the crippling of the NNPC and the nation's oil and gas sector.
In addition, the stakeholders are also worried about the level of the NNPC'S debt profile; and advised that, as a matter of urgency, the NNPC should establish the true state of its current financial status and immediately decide on the most appropriate capitalisation model.
In reaction to the meeting however, the Nigeria Labour Congress, Trade Union Congress, Afenifere, former federal lawmakers, security experts and rights activists, have all vowed to resist any attempt by the Buhari Government to further increase fuel price.
General Secretary of the NLC, Dr. Peter Ozo-Eson, said Nigerians would not accept any further fuel price increment.
Ozo-Eson said that it was also up to Nigerians to decide whether to allow being subjected to the incessant increase in the fuel pump price or not.
He said, "We had given a warning before that Nigerians cannot take any further increase, that they shouldn't do it.
"That remains our position, and if they go ahead and do it, it is up to Nigerians to say how they want to respond to it. But we remain opposed to any new increase in the price of petroleum product."
Also the President of the Trade Union Congress, Bala Kaigama, warned Government not to take Nigerians for granted, because there was no paliatiative in place.
He said, "Nigerians have been taken for granted a couple of times by the Buhari Government but things would be different this time around. We would fight this modern day slavery."
The National Publicity Secretary of Afenifere, Yinka Odumakin, said the masses would resist the hike. "There is a limit to which you can tax poverty, it is only prosperity you can continue to make demands on.
"If you are unable to provide an enabling environment for people to improve their lives and you continue to tax them wantonly, you risk the rage of the poor," he said.
Related News
Leave a comment...