Fuel marketers kick as FG rules out price hike 16th August 2023.

Oil marketers, on Tuesday, advised President Bola Tinubu to gradually relax the removal of subsidy on Premium Motor Spirit, popularly called petrol, following the inability of importers to access the United States dollars and the impact which this was having on businesses.

This came as Tinubu ruled out fuel price hike and reversal of fuel subsidy.

However, marketers of petroleum products encouraged the President to learn from Kenya, stressing that the African country had to return subsidy on petrol to curb the devastating impact which its removal had on Kenyans.

Shuaibu argued that despite the fact that the Nigerian National Petroleum Company Limited announced earlier on Tuesday that it had no intention of increasing petrol price, the cost of the commodity would rise above its current N617/litre in weeks, if the exchange rate continues to increase.

Some dealers had said subsidy on petrol would gradually creep in, should the NNPCL continue to sell at N617/litre, particularly if the rise in forex rate persists.

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, said the outright removal of subsidy would cause severe hardship.

The IPMAN PRO had earlier explained that the price of imported commodities, including petrol, would continue to rise as far as the rate of exchange of the dollar increases.
SOURCE: PUNCH NEWSPAPER