Fuel Price Hike: The Independent Petroleum Marketers Association of Nigeria (IPMAN) has linked the recent fuel price surge to the effects of full deregulation in the petroleum sector.

Speaking on Thursday during a Channels Television interview, IPMAN President Abubakar Garima explained that the removal of subsidy has allowed deregulation to take full effect. “We can no longer call it an increase; it’s simply deregulation now in full swing,” he said.

In Lagos, the Nigeria National Petroleum Company Limited (NNPCL) retail outlets raised the price of premium motor spirit (fuel) from ₦855 to ₦998 per litre. In Abuja, the price rose from ₦897 to ₦1,030 per litre. This adjustment follows President Bola Tinubu’s May 2023 declaration that the fuel subsidy was “gone” during his inauguration.

Fuel Price Hike: A Rising Trend

Before the removal of the subsidy, fuel prices were around ₦200 per litre across Nigeria. Since then, prices have been steadily rising, which, along with the floating naira, has contributed to the increased cost of living. This economic shift has made basic commodities unaffordable for millions in Nigeria.

Fuel Availability to Improve

Despite rising costs, availability remains a significant issue. Queues at filling stations across the country have become a regular sight. However, Garima reassured Nigerians that with deregulation fully in place, fuel supply would improve. “Now that there’s no subsidy, availability will no longer be an issue,” Garima stated.

He added that other marketers, not just NNPC, would now be able to import products directly, including from Dangote Refinery.

NLC’s Call for Reversal

Amid the price hike, the Nigeria Labour Congress (NLC) has voiced its opposition, demanding a reversal. The NLC argues that the increased prices will exacerbate poverty, as production capabilities are hampered. “Previous increases did not yield positive results; they only made Nigerians poorer,” the NLC noted in a statement, urging the government to reverse the recent hike.

President Tinubu has urged citizens to remain patient as his reforms are expected to produce long-term benefits, despite the current hardships.

Key Points:

• Full deregulation is driving fuel price hikes in Nigeria.
• Fuel prices have surged from ₦855 to ₦998 in Lagos and ₦897 to ₦1,030 in Abuja.
• The NLC demands a reversal of the pump price hike, citing poverty concerns.

Source: ChannelsTv

Last Updated on October 10, 2024 by news

Last Updated on October 10, 2024 by news

Israel Intensifies Gaza Bombardment: The Israeli army has ramped up its bombardment of northern Gaza, intensifying shelling while blocking vital aid routes into the region. This has caused significant distress in the war-torn territory, according to local civil defense officials.

The Israeli military has focused its attacks on the northern towns of Beit Lahia, Beit Hanun, and Jabalia, where the army surrounded key areas over the weekend. As these assaults increase, the humanitarian crisis worsens, with closed roads preventing the delivery of essential supplies.

Ahmad al-Kahlut, head of civil defense in northern Gaza, highlighted the severe toll on civilians. “The bombardments are directly targeting civilians and their homes, creating immense fear,” Kahlut stated. He emphasized that the continuous siege has led to severe shortages of resources, including food and medical aid.

Hospitals Overwhelmed Amid Rising Casualties

Local hospitals, including Kamal Adwan Hospital in Beit Lahia, are struggling under the weight of rising casualties. Many wounded civilians are being treated for injuries, including those from gunfire and bombings.

Several children were recently evacuated to Gaza City for critical care, while Gaza’s health ministry has appealed for international aid, warning that fuel shortages could force hospital closures.

Israel Intensifies Gaza Bombardment: Aid Agencies Face Severe Challenges

As Israel’s military operations escalate, aid organizations like the UNRWA have been forced to suspend critical services. Schools serving as shelters for displaced families have also been evacuated, exacerbating the dire situation for Gaza residents.

The ongoing military offensive, which began following Hamas’s attack on October 7, continues to cause devastating casualties on both sides, with over 42,000 deaths reported in Gaza, primarily civilians, according to reliable sources.

Despite international calls for aid and humanitarian access, Israel continues its operations, focusing on eliminating militant targets while the civilians bear the brunt of the conflict.

Source: ChannelsTv

Last Updated on October 9, 2024 by news