PUNCH NEWS
Talks between the Federal Government and organised labour over the removal of fuel subsidy ended in a deadlock on Wednesday as they failed to reach a consensus following the hike in petrol pump prices to over N700 from N195 per litre by oil marketers.
The hours-long meeting which was held at the Presidential Villa was to, among other things, prevent a labour crisis following the recent increase in the petrol pump price occasioned by the discontinuance of petroleum subsidy.
Earlier on Wednesday, the Nigerian National Petroleum Corporation Limited said it had adjusted the pump price of Premium Motor Spirit to reflect the market realities. The agency, however, failed to state the new prices of petrol.
However, several retails outlets sold the product between 600 and N800 in Lagos, Abuja , Ogun and some other states.
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, pointed out that the hike in the cost of PMS would trigger galloping inflation in the country, stressing that some outlets in the South-East were currently dispensing the product at N1,200/l.
Ukadike stated, “Once NNPCL retail stations have adjusted their pumps to reflect the new price, there is nothing you can do about it; that is the new price. As I speak with you, all of them are now selling at the new prices. The situation is so bad, that somewhere in Ebonyi State our members informed us that it is now N1,200/litre.
“We thought the President would remove the subsidy through a seamless means because the source of this petrol is the NNPCL. They are the ones subsidising petroleum products, they are the people who use their revenue to subsidise this product…
