Oil & Gas
MANY residents of Benin, have expressed frustration over the hike in the pump price of Premium Motor Spirit (PMS).
The News Agency of Nigeria (NAN) reports that NNPC Retail Management had on Tuesday approved upward review of the pump price from N617 per litre to N897 llitre, effective from Sept. 3.
This is amid economic hardship and persistent fuel scarcity.
Checks by NAN revealed that the NNPC retail stations immediately adjusted their pumps and totems (price boards), reflecting the new PMS with prices reportedly reaching up to N1,300 per litre at some filling stations in the states.
NAN) reports that the price of a litre of petrol in Benin City now ranges between N1,100 and N1,300.
The residents called for a reversal of the new price regime.
According to them, the hike is already having severe impact on the local economy.
Blacky Ogiamen, leader of the Edo Market Women Association, appealed to the Federal Government to urgently address the situation by reverting to the old price.
Ogiamen warned that the increase in fuel prices would exacerbate the already high cost of food items in the country.
“We are already struggling with the high cost of living, and now the fuel prices have gone up.
“The cost of transporting goods has already increased, and this will inevitably lead to higher food prices,” Ogiamen said.
Mr Solomon Uwa, a poultry farmer, said that he had to increase the price of his products to cope with the rising fuel costs.
“Buying fuel for N1,300 at is not sustainable for my business because I convey my products to different markets.
“I have added N200 to the price of a crate of eggs just to cover the extra fuel costs,” Uwa explained.
Mr Jacob Isere, a commercial driver, expressed his frustration, noting that the new fuel prices were unaffordable for the average citizen.
“I bought fuel two days ago for N910 per litre, but today, I was shocked to find prices between N1,100 and N1,200 at the Benin bypass today.
“We are appealing for a reduction in the price so that people can continue with their daily activities.”
Mrs Deborah Idemudia, a civil servant, said that the hike was contrary to the Federal Government’s agreement with labour unions.
“The agreement was that fuel prices would not be increased with the new N70,000 minimum wage in place.
“Now, I am paying N500 for transportation from Ring Road to Ramat Park, up from N300 that was being charged before the hije.
‘This means an additional N1,000 on my weekly budget, just for one transportation route, yet my salary remains the same,
“We are not even talking about how this will affect the prices of food, clothing, accommodation, school fees, and other expenses.”
Hon. Austin Atakpo, President of the Benin Chamber of Commerce, Industry, Mines, and Agriculture, suggested a more decentralised approach to the fuel market.
“The Federal Government claims to have decentralised the system, so it should truly be decentralised and not just on paper.
‘The Dangote refinery, for example, should have its own petrol stations, just as NNPC operates its mega stations,” Atakpo recommended. (NAN)
A.I
Sept. 6, 2024
Tags: Hon. Austin Atakpo Mr Solomon Uwa
