Nationwide Fuel Scarcity Worsens As Government Pushes For Market-Driven Petrol Prices

Nationwide Fuel Scarcity Worsens As Government Pushes For Market-Driven Petrol Prices

As Nigerians grapple with the recent fuel price hike imposed by the Nigerian National Petroleum Company Limited (NNPCL), Naija News provides the latest developments on the ongoing fuel scarcity, price increase, and the reactions from both the government and the citizens…..CONTINUE READING 

The Nigeria Labour Congress (NLC) President, Joe Ajaero, has strongly condemned the recent petrol price hike and called for its immediate reversal. In a statement on Tuesday, Ajaero criticized President Bola Tinubu’s administration, arguing that its policies, particularly the constant increase in fuel prices, have done little to benefit Nigerians and instead worsened their economic condition.

Ajaero further questioned the role of NNPCL in setting fuel prices, especially after the government’s declaration that the sector had been deregulated, leaving fuel prices to market forces.

Gabriel Ogbechie, the Group Managing Director of Rainoil Ltd, has advised Nigerians to brace for market-determined petrol prices following the government’s complete deregulation of the downstream oil sector. Speaking on Channels TV, Ogbechie applauded President Tinubu’s decision to scrap the fuel subsidy, which he said would encourage competition in the industry.

Ogbechie added that Nigerians should expect further fluctuations in petrol prices, with the current price already rising to ₦1,300 per litre from ₦175 as of May 2023.