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Buhari, governors set to meet on petrol, electricity prices

President Buhari
President Muhammadu Buhari (Photo Credit: @MBuhari)

The federal government will meet with state governors and the Nigerian National Petroleum Corporation (NNPC) on Thursday to find a solution to the right pricing for Premium Motor Spirit (PMS).

The Minister of Labour and Employment, Sen. Chris Ngige, said this while speaking with journalists at the end of a meeting between the government and labour unions in Abuja.

The meeting was a continuation of the series of meetings held in 2020 to persuade labour unions from embarking on industrial action over the increase in the price of petrol and electricity.

Mr. Ngige said the meeting with organised labour was peaceful and productive.

“As for the issue of the price of PMS, it is a work in progress. The governors are to discuss this on Thursday at the National Economic Council, and hopefully, there will be a way out of the situation,” he said.

He added that both sides had resolved to allow more time to look into ways of tinkering with the template for fixing domestic fuel prices.

Mr. Ngige explained that a report on electricity tariff was well-received by both sides, and the committee was asked to continue further work on grey areas.

The meeting with organised labour was adjourned until April, after the Easter celebration.

The President of the Nigeria Labour Congress (NLC), Ayuba Wabba, explained that labour unions pointed out areas of the PMS pricing report they disagreed with.

Mr. Wabba mentioned that labour maintained that it was not comfortable with the country’s import pricing method.

“This means that we import 100 percent of all the PMS used in the country, whereas we have refineries. The reports were presented, and we pointed out areas that we are not comfortable with and also made some suggestions which will form the basis of decisions on the matter,” he said.

The federal government had in November 2020 raised the depot price of petrol from N147.67 to N155.17 per litre, forcing marketers to sell between 165 and 173 Naira per litre.

NAN

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