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| A typical example of fuel scarcity in Nigeria |
Against the backdrop of rumor that the federal government may increase the price of petroleum products in the country, security experts, trade union congress, Activists, former lawmakers and Afenifere has warned against any such move, stressing Nigerians would resist it by all means necessary as it would further inflict more injury to the already damaged economy
Meanwhile former and present Group Managing Directors of the Nigerian National Petroleum Corporation have expressed fears that the current pump price of N145 per litre is no longer realistic.
The statement came after a one-day meeting they held with the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in Abuja, pointing out that the N145 per litre does not correspond with the price-determining components of the commodity and the fluctuations of the foreign exchange rate.
While commending the NNPC for tackling the fuel supply crisis, they however urged the corporation to come up with measures that will sustain the supply of petroleum products demands across the country.
Report has it that the GMDs expressed concerns over the continuous reduction in crude oil production level and its consequences on the environment and the nation’s revenue.
This ugly trend, they agreed if remains unchecked, could lead to the crippling of the NNPC and the nation’s oil and gas sector, which is the mainstay of the Nigerian economy.
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