Fuel hike: Fuel marketers protest, tells FG to learn from Kenya

Following the difficulties of importers accessing US dollars and the impact this was having on businesses, oil marketers recommended President Bola Tinubu on Tuesday to gradually loosen the removal of petrol subsidies.

This came after Tinubu ruled out raising fuel prices and eliminating fuel subsidies. Petroleum product merchants, on the other hand, urged the President to learn from Kenya, emphasizing that the African country had to reinstate petrol subsidies in order to mitigate the catastrophic impact their removal had on Kenyans.

“If they do not do what is necessary, they will suffer the consequences.” “We learned this morning that Kenya, which also removed subsidies and saw the impact on citizens, has resumed the subsidy regime for a period of two months,” said Mohammed Shuaibu, Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja.

“Government is about the people,” he added, “and it must have a listening ear.” How can Nigeria remain an oil-producing country with four refineries, all of which are closed? We are now entirely reliant on imports.

“When Tinubu announced the removal of subsidies, we warned that it would cause problems.” Are we not suffering the effects of that announcement right now? The cost of petroleum products in this country is heavily influenced by currencies.

“Marketers are unwilling to import products again,” he bemoaned. “If the government is going to relax the removal of subsidies for a while, it should do so as soon as possible.”

Even though the Nigerian National Petroleum Company Limited stated earlier on Tuesday that it has no intention of raising the price of gasoline, Shuaibu contended that if the exchange rate keeps rising, the price of the commodity would soar over its current N617 per liter in a matter of weeks. “Relaxing subsidy elimination will be a very prudent move at this time since, based on the value of the dollar, the price of gasoline will inevitably increase. In fact, he continued, “some oil marketers are prepared to join the labor union in protest.

If the NNPCL continues to sell at N617 per liter, particularly if the increase in the exchange rate remains, some merchants have predicted that subsidies for gasoline will progressively encroach.

The full elimination of subsidies will result in tremendous suffering, according to Chief Chinedu Ukadike, national public relations officer for the Independent Petroleum Marketers Association of Nigeria. “I’ve been saying this even before the gasoline subsidy was eliminated. Without any palliative measures present on the ground, how can subsidy be stopped?

“Travel costs that used to be N5,000 are now over N15,000. Businesses are ceasing operations. Suffering is intensifying. Now is the time for the government to step in, he said.