Home News Reps Minority Caucus Rejects NNPCL-Dangote ‘Exploitative’ Fuel Price
News

Reps Minority Caucus Rejects NNPCL-Dangote ‘Exploitative’ Fuel Price

237
Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited. The game changing intervention will eliminate the need for international letters of credit. It will also save the country of billions of dollars used in importing refined fuel.

The minority caucus of the Nigerian House of Representatives has rejected the pump prices of petrol recently announced by the Nigerian National Petroleum Company Limited which range from N950 to N1,000 depending on locations.

The NNPCL said it bought petrol at the unit cost of N898 from the Dangote refinery, a claim denied by the latter.

The HOR Minority Caucus, in a statement issued by its Chairman, Kingsley Chinda, on Tuesday, described the pump prices as outrageous and exploitative.

Chinda expressed his displeasure while acknowledging the economic hardships already faced by many Nigerians.

He argued that locally refined fuel should be priced significantly lower than imported fuel, as the former does not include such costs as landing charges and import duties.

The statement read: “We find this pricing regime to be not only burdensome but utterly unacceptable, particularly in light of the fact that this fuel is refined locally.

“It appears Nigerians are unfairly exploited, especially at a time when many are facing severe economic challenges.”

He urged the NNPCL and the Dangote Refinery to revive the price in the interest of the poor masses. He argued that the current pricing arrangement, if not reviewed, would deepen economic hardships across the country.

The caucus sought the intervention of regulatory bodies and the federal government to prevail on the NNPCL and the Dangote refinery to review the pricing framework in the interest of Nigerians.

Read: After WAW’s Story, NEITI Renews Official Website’s Security Certificate

About The Author

Related Articles

Fake Gynecologist Criminal Charges
HealthNews

Fake Gynecologist Promoted To CMD, Accused Of Fraudulent IVF Procedures, Faces Charges of Forgery, Impersonation in Abuja

A woman accused of illegally practising as a gynaecologist and performing medical...

Ghana Minimum National Wage
FinanceNews

Ghana Increases National Daily Minimum Wage, Public Sector Salaries By 10 Per Cent

The Government of Ghana has approved a 10 per cent increase in...

Niger Mining Permits Companies
BusinessNews

Niger Awards 2 Mining Permits To National Companies For Copper And Uranium Extraction

The Nigerien government has awarded two new mining permits to national copper...

News

CSS Unveils Official Flag After Exit from ECOWAS

The Confederation of Sahel States (CSS) unveiled its flag today in a...