Reverse fuel price hike now – CPPE tells NNPC

The Centre for the Promotion of Private Enterprise (CPPE) has called on the Nigerian National Petroleum Company Limited (NNPCL) to reverse its recent Premium Motor Spirit (PMS) price adjustment.

The Director of CPPE, Muda Yusuf, disclosed this to DAILY POST in an exclusive interview on Monday.

His comments came after the NNPCL announced a fresh price increase, setting petrol prices between N950 and N1,019.22 per liter for Dangote Refinery Petrol across its retail outlets.

Reacting to the development, Yusuf urged the NNPCL to reverse the price hike, stating that further increases in petrol prices will exacerbate the rise in the cost of goods and services in Nigeria.

He said NNPCL’s decision to announce the price hike does not demonstrate sensitivity to the prevailing socio-economic conditions in Nigeria.

Yusuf also called for a stronger relationship between Dangote Refinery and NNPCL in the interest of all Nigerians and the country’s economy.

“It is more worrisome that NNPCL is announcing another price increase. The decision doesn’t demonstrate sensitivity to the prevailing socio-economic conditions in Nigeria.

“I am hoping that the decision will be reversed, and I look forward to a better relationship between NNPCL and Dangote Refinery in the interest of all Nigerians and the economy,” he said.

He added that while Nigeria’s inflation declined to 32.15 percent for the second consecutive time in August 2024, the prices of goods remained high.