The Centre for the Promotion of Private Enterprise (CPPE), one of Nigeria’s leading organized private sector advocacy groups, on Monday advised the Nigerian National Petroleum Company Limited (NNPCL) to consider immediate reversal of recent hike in price of petrol across its outlets nationwide in view of the negative implications for the economy.
The Director of Centre, Dr. Muda Yusuf, who gave the advice when he featured in an early morning programme of Channels Television. rued the lingering controversies between the state-controlled oil company and Dangote Refinery on fuel price, describing the faceoff as undesirable for the nation’s reputation.
While reacting to the adjustment of the NNPCL’s fuel outlets pump prices between N950 and N1,019.22 per litre for petrol lifted from Dangote Refinery on Sunday, the seasoned economist tasked the company to reverse the price hike, in view of the negative implications for the cost of goods and services in nationwide.
Yusuf also canvassed the need for improved synergy between Dangote Refinery and NNPCL on the downstream market operations in the interest of ordinary Nigerians and the country’s economy.
He expatiated: “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”, Yusuf added
The CPPE boss noted that though Nigeria’s inflation declined to 32.15% for the second consecutive time in August this, the prices of goods remained high still across the geopolitical zones.
