The president, who stated this during his first media chat, said fuel subsidy removal was necessary to prevent the country from bankruptcy.

Tinubu had, during his inauguration as president on May 29, 2023, announced the immediate removal of fuel subsidy, with the price of Premium Motor Spirit, PMS, experiencing steady increase since then.

However, the price has started coming down gradually, particularly with the Nigerian National Petroleum Company Limited, NNPCL, and Dangote Refinery announcing downward review of the price of the commodity.

The president also said it was not necessary to phase the fuel subsidy removal.

“It is part of the fear that is unnecessary. No matter how you cut it or slice it in segments, you still have to meet the bills.

“So, cut your cloth according to your size. It is what we have to manage. Management is the issue, and we have no choice but to pull the brakes. Otherwise, we were headed for slippery slopes,” Tinubu said.

READ ALSO: Petrol: MRS slashes petrol price to N935 per litre nationwide

The president said that with fuel subsidy, the country was spending what was meant for future generations.

He was emphatic that the fuel subsidy removal was necessary to prevent smugglers from taking what belonged to Nigerians.

“That doesn’t affect me; it affects smuggling. Plus, you have expenditures that you don’t have revenue for.

“I don’t want to question people who have five limousines on the road. We should teach management with all our programmes. We have to manage our resources.

“There is no way you will give out fuel and allow the entire neighbouring countries enjoy it like Father Christmas,” the president said.

Source: NAN

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NNPCL, on Tuesday, increased the pump price of petrol, also known from N568 to N855 at its outlets.

Some Lagos residents, who spoke to News Agency of Nigeria, NAN, on Wednesday, described the current fuel situation in Nigeria as biting, saying that it had affected transport.

A businesswoman, Mrs Beatrice Okonkwo, said that the increase had become frustrating to low income earners.

“Today, I stepped out to get to my child’s school, and I noticed an increase in transport fare.

“From Gate to Cele Bus Stop, which used to be N200, is now N300, and from Ijesha to Yaba, which was N200 by tricycle, is now N400.

“Drivers are even saying they would further increase the fares to be able to recoup money they spent on fuelling,” she said.

She appealed to the federal government to do more to alleviate the sufferings of the citizens.

READ ALSO: Emir Sanusi offers to help resolve Fulani crises

A civil servant, who wants to be identified simply as Modinot, urged the government to address the fuel situation urgently.

According to Modinot, transport fare from Ipaja to Costain through Oshodi increased from N1,000 to N1,700 on Wednesday.

Modinot regretted that workers were facing the increase although they had yet to be paid the new minimum wage.

“Government should listen to our cries,” Modinot said.

A banker, Mrs Tope Okunola,  said commercial motorcyclists and tricyclists also increased their charges.

She said that commuters had always sufferred from any increase in petrol price.

“We are not finding it funny at all. Before, in my area, Festac Town, I paid N200 to the next junction, but today it costs N300.

“As transport fare goes up, so will food stuffs prices in the markets.

“The ordinary person cannot eat again.

“Government should really address the situation fast,” she said.

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This is coming in the wake of its widely celebrated price reduction to N1,000 barely two weeks ago.

The price change of N940 applies to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above.

Speaking on the new development, the Head of Communication, Mr Anthony Chiejina, explained that the new price was in consonance with the company’s commitment to cushion the effect of economic hardship in Nigeria.

“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable price, in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates.”

He further stated that the partnership would be extended to other major oil marketers.

“The essence of this is to ensure that retail buyers do not buy at exorbitant prices.

“The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce this new prices and hope that it would go a long way to cushion the effect of economic challenges in the country.”

It would be recalled that the management of Dangote Petroleum Refinery announced a further reduction of the price of diesel from 1200 to 1,000 Naira per litre barely two weeks ago.

This marks the third major reduction in diesel price in less than three weeks when the product sold at N1,700 to N1,200 and also a further reduction to N1,000 and now N940 for diesel and N980 for aviation fuel per litre.

Nigerian President Bola Tinubu had also commended Mr Dangote for the initial price reduction, describing it as an “enterprising feat.”

READ ALSO: Tinubu embarks on official visit to Netherlands, Saudi Arabia

Reacting to the latest development, The Director General of the Manufacturers Association of Nigeria, MAN, Mr. Ajayi Kadiri, said that “The decision of Dangote Refinery to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.”

He added that “The trickledown effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of inadequate and rising cost of electricity.

“The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the high inflation rate in the country; a lot of companies will be back in operation.”

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The marketers spoke in separate interviews with the News Agency of Nigeria, NAN, in Awka on Thursday.

They said that they could not sustain the availability of the petroleum products, when they exhaust their current stock.

A NAN correspondent, who monitored the supply of premium motor spirit, popularly called petrol, in Awka, reports that most outlets now sell the product for between N180 and N195 per litre.

Also, Automotive Gas Oil sells for between N850 and N900 per litre.

A marketer, Mr Emeka Nnoli, said that they were sacrificing a lot to ensure the availability of the product at the government approved pump price.

Nnoli said that they could no longer procure products at the NNPC depots at the ex-depot price.

He said that they now relied on private depots, which sold the products at outrageous prices.

He also said that the transportation cost had skyrocketed.

According to him, marketers were owed petroleum price differentials running into millions of naira for some years.

“It has become impossible for us to continue to sustain the current price of products in the zone.

“As we speak, ex-depot price of petrol is about N168 per litre with over N15 on transport per litre with all the risk.

“You can see that it does not make meaning selling below N200.

“Federal Government has left marketers at the mercy of private depot owners.

“The sacrifice we are making is just to protect our people,” Nnoli said.

Also, another marketer, who pleaded anonymity, said the Southeast might soon run out of products due to challenges associated with procuring products in Lagos.

The marketer said the cost of running the business, including transportation and power, might result in increased pump prices, if nothing was done to address the problem.

“If our colleagues in Lagos, who are at the source of procurement can complain, who are we not to complain.

“What we are doing at the moment is to protect our people from the harsh effect of the ugly development,” he said.

Mr Chinedu Anyaso, Chairman of IPMAN at Enugu Depot in charge of Anambra, Ebonyi and Enugu, said, “Marketers cannot lose their trading capital because they want to control price they did not have influence over.”

Anyaso called on members to sell the products according to the cost without necessarily exploiting the people nor harming themselves.

He said that tank farm owners had constituted themselves into a powerful monopoly, arbitrarily dictating the price of products.

He therefore called on the federal government to extend its monitoring dragnet to them or grant licence for more people to go into the business.

“At the moment, the Enugu zone is wet with product, but it will be difficult to guarantee continued supply and competitive price by the time our members run out of stock, especially with what is happening at the source,” Anyaso said.

Source: NAN

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The state chairman of NLC, Mrs Funmi Sessi, who made this known on Tuesday in Lagos, urged government to be dutiful and diligent in fulfilling its part of the agreement.

The NLC had on January 25 suspended its planned nationwide protest.

The decision came hours after the union had vowed to continue with its planned nationwide rally after the government had announced the suspension of the planned removal of the fuel subsidy.

“The NLC has reviewed every situation surrounding the protest; we have reviewed the intervention of those top leadership of the country; also the intervention of those who are the stakeholders.

“Government has said it is not going ahead with the increase in the petrol price and we are not expecting the increase at any point in time, whether now or in the future.

“We expect government to be truthful,  dutiful, diligent and work on our refineries,” Sessi said.

Source: NAN

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The call was made just as the company assured that there was sufficient stock of the products that would last the festive period and beyond.

In a statement by its Group General Manage, Group Public Affairs Division, Garba Deen Muhammad, the company said it was engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country.

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The action followed a directive issued by the General Secretary of the group, Lumumba Okugbawa, on Sunday to the chairmen of all its branches.

Okugbawa said the action became necessary following the breach in agreement on IPPIS implementation and redundancy in Baker Hughes.

The letter titled Re: Breach in agreement on IPPIS implementation and redundancy in Baker Hughes, reads:

“We refer to the above letter dated November 2^nd 2020 where we gave 7 days ultimatum and further extension to the relevant government agencies and institutions.

“Regrettably upon the expiration of the ultimatum, nothing concrete has been done with regards to the outstanding issues as enumerated in the letter.

“In view of the above and with expiration of the ultimatum and subsequent extension, you are hereby advised to withdraw your services effective 12 midnight on Sunday November 8 2020.

“Please, ensure that your branch members fully comply with this directive while you await further directive.

“All zonal offices are to monitor compliance and report same to the national secretariat.”

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