According to reports reaching Oyogist.com, Major Oil Marketers in Nigeria have rejected the N5 reduction in the price of petrol which was announced earlier yesterday by the Minister of Labour, Chris Ngige.
The union said it won’t be possible if petrol is sold at N162 per litre amidst the current market realities, coupled with the country’s Economy.
Recall earlier yesterday, Chris Ngige, during a meeting with labour leaders in the country announced the petrol price cut.
“Our discussion was fruitful, and the Nigerian National Petroleum Corporation, which is the major importer and marketers of petroleum products, and customers have agreed that there will be a slide down of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week today,” he had said.
But earlier today, The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said due to the recent hike in global oil prices and the devaluation of the naira, “petrol price of N162 cannot work, except we are going back to the subsidy.”
He said, “The government said it had deregulated; so, it is not possible to sell petrol at N162 on December 14. If you ask anybody now in the industry, they will tell you the price at which they can sell is about N170 to N180.“The minister of labour does not have the power to determine the price of petrol. Even the President can only do that if we go back to the subsidy.” Mike Concluded.