Nigerians continue to grapple with rising fuel prices as the Nigerian National Petroleum Company Limited (NNPCL) increases the cost of petrol across the country. The current price surge has pushed Premium Motor Spirit (PMS) to as high as ₦1,300 per litre, leaving citizens and businesses under strain.
The Nigeria Labour Congress (NLC) President, Joe Ajaero, has urged President Bola Tinubu to reverse the price hikes, criticizing the administration for policies that have worsened citizens’ economic conditions. Ajaero also questioned NNPCL’s involvement in setting fuel prices, despite the government’s claims of deregulation.
Meanwhile, Gabriel Ogbechie, Group Managing Director of Rainoil Ltd, advised Nigerians to brace for a market-driven pricing system, emphasizing that competition in the deregulated sector will determine fuel prices going forward.
In addition, the Federal Government unveiled a new plan to boost crude oil production by one million barrels per day over the next 24 months. This initiative is aimed at tackling oil sector challenges like theft, pipeline damage, and outdated infrastructure. Despite a recent 1.68% decline in output, the government remains committed to increasing oil production to support economic growth.
News Editor