Home » Headline » Fuel Price hike imminent
Fuel Price hike imminent
Dr. Ibe Kachikwu:Minister of State for Petroleuem

Fuel Price hike imminent

There is likely to be a slight increase in the price of Premium Motor Spirit (PMS) popularly called Petrol following the agreement reached between the Federal Government and the Tanker Drivers yesterday.

Details of the parley indicate that the government has agreed to increase the bridging claims of tanker drivers from the present N4 per litre and it was as a result that the Petroleum Tankers Drivers, PTD, branch of the Nigeria Union of Petroleum and Natural gas Workers, NUPENG, Monday, suspended their strike action to allow for further dialogue with the Federal Government and the Nigerian National Petroleum Corporation, NNPC. Products  are now likely to sell between N147 and N150 per litre

At a meeting in Abuja, called at the instance of the NNPC Group Managing Director, Mr. Maikanti Baru, to satisfy the yearnings of the aggrieved tanker drivers for an increase in transporters’ margin, sources among the officials of the PTD and NUPENG revealed that Baru promised to increase the Bridging Claims.  The Bridging Claim is the amount paid to distributors of petroleum products across the country, and was introduced to ensure uniformity in the price of petroleum products across the country. In May 2016, the Federal Government had approved a price range of N135 and N145 for a litre of PMS.

Today, all the petrol stations in the country are selling at the highest point of N145 per litre. Any further hike in the cost of the commodity would likely bring about a hike in the retail price of the product at the petrol stations. Spokesperson for the NNPC, Mr. Ndu Ughamadu, who confirmed the suspension of the strike refused to respond to enquiries of a likely increase in the price of fuel.

Leave a Reply

Your email address will not be published.

%d bloggers like this: