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increase the fuel price as Nigerian Govt parts


Timipre Sylva, the Minister of State for Petroleum Resources, informed the general public that the Nigerians are ready for a new increase, and the usual fuel hike outcry reappeared on Thursday.

Speaking at the launch of Tuesday's Nigerian Upstream Cost Optimization Program in Abuja, Sylva said, 'Since we're optimizing everything, NNPC should also look at product cost optimization because oil price is where it is today: US$ 60.

"That has severe consequences on product prices as desirable as this is. So we want to take the pleasure of being ready for pain as a country.

"A great hit from the NNPC today. We are all aware that in the budget there is no subsidy provision. So I don't think the NNPC can continue this blow somewhere down the line. It doesn't work because it doesn't have any provision.

"Let us take advantage of higher prices of crude crude oil as a country and I hope we will be prepared to take some pain from higher price."

Remember that in Nigeria the price of petrol increased from N121.50– N123.50 to N140.80-N143.80, in July, N148-N150 in August, N158-N162 in September, N163-N170 in November. In July, there were several increases of the pump prices of petrol over the last months.

The correspondent at DAILY POST spoke to stakeholders and other Nigerians concerned.

The auto replacement parts dealer at Zuba Market (name rejected) complained about the cost of living which devastated the average Nigerian population due to increased costs for food.

He says production costs are high because "there is nothing we can do without power these days: if saved, the Nigerians' money would help relieve the challenges a day to spend on fuel.

"How can the government think of rising fuel prices right now when all try to survive? ”

Similarly, Mr Aguredam Keghter Moses, in a Wednesday interview with DAILY POST, State Coordinator, African Youth Union Commission (AYUC), Benue States Chapter, said that the planned increase had come at the wrong time.

According to him, "If Nigeria has untold hardship, then it should not be the time when the fuel hike should be on the agenda when it is among the world's poorest countries.

"When the Nigenean people promised to build one refinery every year, until they left office, I obviously remember that campaign promises made by this current administration that became as a castle in the air.

"The pump price increase is totally uncommon and unacceptable since it may worsen public difficulty."

However, a Bwari Area Council oil marketer who preferred to stay anonymous told our correspondent that the proposed increase was due to the present market price for crude.

"There are signs of an acceleration in the energy demand and also effects on sales with the vaccine and trillions of dollars of government stimulation in the pipeline being gradually deployed.

"The Federal administration has claimed that fuel subsidies were removed so that they will be paid by the Nigerians at the new crude oil price," he said.

Remember that on Tuesday, Brent Crude traded over $61 per barrel international oil benchmark.

On Monday for the first time in over a year, Brent hit the mark of 60 $ per barrel.

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