- As PPMC Raises Ex-depot Price To N155… IPMAN Directs Members To Adjust Pump Price To N170
The Nigerian Labour Congress (NLC) has harshly criticized the latest increase in the pump price of PMS, otherwise known as petrol in the country.
The Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), in a memo dated 11 November, jerked up the ex-depot price of petrol to N155.17 per litre from its initial N147.67 per litre.
The N7 increase in ex-depot price is expected to translate into an increase in pump price across board.
This implies Nigerians will pay between N168 and N170 for a litre of petrol from Friday as the new depot price for the product goes into effect.
Speaking with The New Diplomat, Friday, the Chairperson of the NLC, Lagos State Council, Comrade Sessi Funmi berated the federal government for the increase, adding that it came at a time when citizens are already economically devastated.
“This will not be acceptable to Nigerians. Presently, Nigerians are still raising issues with the federal government over the hike in electricity tariffs and the last increase in fuel pump price. And the government has not done the needful, only for it to increase the price again?”
Recall in September, the pump price of petrol hit N161 per litre after the government increased the ex-depot price to N138.62 per litre to N147.67. The ex-depot price is the threshold at which government sells the product to marketers.
The Lagos NLC boss said this latest development will further spark backlash from enraged Nigerians, warning that “the government is sitting on a keg of gunpowder. Those who made positive change to be impossible will eventually make violent change inevitable.”
Funmi, who said the NLC was still meeting with the federal government over a plethora of issues raised on the spike in the cost of energy utilities in the country, said the failure of government over the years to fix the four refineries in country has turned “Nigerians to prodigal son in their own country.”
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN ) on Friday directed marketers to sell PMS for N170 per litre, following PPMC’s increase of the ex-depot price.
IPMAN National Vice President, Abubakar Maigandi, said:“The PPPMC last midnight told us that the ex-depot price is now N155. 17 per litre. We have directed our marketers to sell for N170 per litre,” noting that the price will depend on the forces of demand and supply.