…By Dorcas Funmi for TDPel Media.
President Bola Tinubu’s recent announcement regarding the removal of fuel subsidy in Nigeria has caused widespread concern and dissatisfaction among Nigerians.
NNPC Sets New Fuel Prices:
Following President Tinubu’s announcement, the Nigerian National Petroleum Company (NNPC) Limited has established new price ranges for Premium Motor Spirit (PMS), commonly known as fuel or petrol.
The prices have been set at N488 and N555 per litre at the peak.
This decision was reached after a meeting involving NNPC stakeholders, with the management issuing instructions for all marketers to adjust retail prices across the country.
Immediate Implementation of New Prices:
Contrary to earlier speculations, the new retail price table for different geopolitical zones was immediately released by the NNPC management.
Marketers were instructed to implement these changes starting from Wednesday, May 31, 2023.
IPMAN Supports Fuel Subsidy Removal:
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has voiced its support for the removal of fuel subsidy as the path to Nigeria’s progress.
Yakubu Suleiman, the IPMAN National Public Relations Officer, expressed the association’s stance during an appearance on Channels Television’s Sunrise Daily program.
Suleiman commended President Tinubu for his decision, stating that the President was merely informing Nigerians that there is no longer a subsidy in place due to the absence of provisions for it beyond June 2023 in this year’s budget.
Labour Party Criticizes Tinubu’s Plan
On the other hand, the Labour Party (LP) has strongly criticized President Tinubu’s fuel subsidy removal plan.
The LP likened Tinubu’s actions to those of the biblical Pharaoh, who inflicted pain and suffering on the captive Israelites.
The party expressed concern that Tinubu’s first proclamation as President has led to fuel scarcity, long queues at petrol stations, increased transportation costs, and widespread hardship.
Conclusion:
President Bola Tinubu’s decision to remove fuel subsidy has sparked intense reactions across Nigeria.
While IPMAN supports the move, viewing it as necessary for the nation’s advancement, the Labour Party strongly criticizes it, citing the immediate negative consequences experienced by Nigerians.
The impact of this decision on the country’s economy and citizens’ livelihoods remains to be seen, as discussions and debates on the matter continue.