Oil marketers as at yesterday have fixed the pump price for fuel, at N162 per litre.
The decision was made after the Federal government’s announcement that the product would now be sold to marketers at the depot price N151.56
With an ex-depot price of N151.56, some of the marketers noted that additional charges for distribution margin, transporter allowance, retailer margin, bridging fund, marine transport as well as administration charges would push the retail price up to an average of N162 per litre, based on market fundamentals.
The Chairman of IPMAN, Southwest Zone, Dele Tajudeen, said that the association had directed its members to dispense the product at N162 per litre.
He alleged that the NNPC had been selling to their retail outlets at different prices, bringing disparity in the system, especially for other marketers.
The Socialist Party of Nigeria (SPN) condemned have also condemned the increase in the price.
The party, said in a statement signed by its acting National Chairman, Abiodun Bamigboye, and National Secretary, Chinedu Bosah,
“SPN strongly condemns this increase and demands its immediate and unconditional reversal to pre-May 2020 price. But condemnation in words alone will not be enough, especially for an obdurately anti-poor capitalist regime which has made it clear to everyone it is desperate at offloading economic catastrophe on the heads of working class and poor Nigerians.“We, therefore, call on the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) not to simply issue statements as it has been doing for months now, condemning in strong terms one anti-poor government policies or another without taking any serious action to mobilise to fight back, thus effectively allowing the capitalist ruling elite to condemn the masses to suffer in silence while disarming the advanced layers of the working class and youths who are rearing to fight back but need bold and militant leadership.”
The Advocacy for Integrity and Economic Development (AIED) also described the hike as “draconian anti-masses policy by a heartless administration” in a statement made on Wednesday by its Director of Media and Publicity, O’Seun John, the organisation urged the Federal Government to revert to old price and tariff.
The statement read;
“We received with shock the report of yet another increase in the price of petrol at the depot just two months after it was hiked.’’