Joe Ajaero, the president of the Nigeria Labour Congress (NLC), had on Monday cautioned the NNPC Limited against another increase in the price of gasoline.
Muhammad Garbadeen, the spokesman for NNPC Limited, stated in a statement that the corporation has no plans to raise the price of gasoline for a third time in a row following the elimination of the gasoline subsidy on May 29, 2023.
“Dear valued consumers, we at NNPC Retail appreciate your business and would want to clarify that, contrary to popular belief, we do not intend to raise the price of our PMS pumps.
At our NNPC Retail Stations around the country, please purchase the highest caliber goods at the most reasonable rates, Garbadeen urged.
After President Bola Tinubu declared the end of the gasoline subsidy in his inauguration speech on May 29, 2023, there didn’t seem to be any relief for Nigerians.
The news caused the price of a litre of gasoline at the pump to increase from N184 to N500. About two months later, on Tuesday, July 18, 2023, the price increased from N500 to over N617, angering and upsetting many who were left without jobs.
Mele Kyari, the group chief executive officer of NNPC Limited, has attributed the second gasoline price increase to market factors.
Since then, transportation costs have skyrocketed, with the associated economic effects being noticed on food prices. On August 2, 2023, Organized Labor staged a demonstration against the “anti-people policies” of the Tinubu administration.
The Tinubu administration’s unification of foreign currency rates and growing inflation rates coincided with the unusual rise in gasoline prices from N184 per litre to above N600.