Amid Another Hike in Fuel Price, Tinubu Gives Fresh Order to Minister Edun, Details Emerge

• President Bola Ahmed Tinubu said the market must determine what his government is doing to achieve its 'Renewed Hope' agenda
• The Nigerian leader stated that once stakeholders in the oil and gas industry allow the market to decide the profit and loss, independent marketers and the government side can meet on the worksheet
• Tinubu explained that Nigeria can have energy security, "and the motivation for Alhaji Aliko Dangote will not be defeated"

Legit.ng journalist Ridwan Adeola Yusuf has over nine years of experience covering public affairs and governance.

FCT, Abuja - President Bola Tinubu on Tuesday, October 29, received a briefing from the implementation committee on the 'Naira-based sales of crude oil and refined product sales' led by Wale Edun, the minister of finance and coordinating minister of the economy.

Read also

Wike addresses claim he is after selling lands in Abuja

During the meeting, the presidency disclosed that Tinubu commended the committee and ordered the members to resolve any teething problems.

The president's latest directive comes on a day news emerged that the Nigerian National Petroleum Company Limited (NNPCL) increased the price of petrol across its retail outlets.

NNPCL increased fuel price to N1,025 in Lagos and N1,050 in Abuja.

In a review meeting at the State House on Tuesday, October 29, President Tinubu stated that using the naira was conceived to remove the exchange rate hurdle.

The presidency's statement quoted Tinubu as saying:

“Whatever solution we proffer in crude oil and refined products sales in naira should not take us back to our experience in the last 40 years.

“There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things."

Read also

NNPC denies increasing petrol by N30/litre as marketers quote real price in Lagos, Abuja

Furthermore, Tinubu asked the various players in the oil sector — including the NNPCL and the Dangote Refinery — to work to improve the economy and the livelihood of Nigerians.

The president urged stakeholders to look inward and consider supplying enough petrol and petroleum products for local consumption to stop the persistent reliance on importation. According to him, this would enable the channelling of foreign exchange into the development of the real sector.

Fresh hike in fuel price: Nigerians groan

Meanwhile, some Nigerians are complaining about the high cost of living occasioned by the recent hike in the pump price of petrol.

They spoke with Legit.ng on Tuesday, October 29, in Lagos.

A private school teacher, Funmi Olayanju, said the fuel price hike to N1,025 per litre would push more Nigerians into poverty.

She said:

"What we will witness is the immediate high cost of transport, which will lead to higher costs of food and inflation. We all know that rising prices inevitably reduce the purchasing power of many consumers."

Read also

NNPC issues new petrol price list at its outlets as Dangote invites marketers to patronise refinery

In the same vein, a trader, Abubakar Audu, said it appears the government is against the survival of the people.

He said:

"It’s getting out of hand. No sympathy for the masses at all. This government is just heartless.”

Dangote meets Tinubu

Earlier, Legit.ng reported that Aliko Dangote, president of Dangote Group, opened up about the discussion with President Tinubu at the presidential villa, Abuja, on Tuesday, October 29.

Dangote said he told President Tinubu that his refinery is capable of providing fuel for local production which he estimated to be between 30-32 million litres per day.

Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.

Source: Legit.ng