Following a reported upward review in the pump price of Premium Motor Spirit (PMS) from N165 per litre to N179 per litre by the Nigerian National Petroleum (NNPC) Limited, the organised private sector (OPS) have called on the government to work out palliative measure for the organised private sector and the masses.
The past president of the Association of Corporate Affairs Managers of Banks, (ACAMB), Mr. Eddy Adewosu speaking at the media briefing on the ACAMB 1st National Stakeholders Conference on the Synergy between the Nigerian Banking Industry and the Organized Private Sector (OPS), said the increment will have a ripple effect on the organized private sector and the masses.
He noted that an increase in fuel price will have a ripple effect on the masses as regards, transportation costs, hike in food prices, among others.
What they are saying
Adewosu said: “There are issues that need to be clarified by both sides. When we look at the landing cost, in relation to the international pricing, then you will be careful in totally condemning the increase in price but at the same time, the critical issue that relates to it is the ordinary man in the street, with high inflation, there is a lot of economic issues and problems government really need to address.
“On both sides, we can not conclude and say it is the best thing that is happening at this time because the ultimate element of factor that we should be looking at is the general masses. An increase in pump price is also a ripple on all other economic activities. For instance transportation. Now that the increment is official, I hope that there will be other cushioning effects that could be put in place to ameliorate a lot of aftermaths of what we will be facing as a result of the increase.
Adewosu, therefore, called on the government to consider offering palliatives to the organised private sector so as to be able to mitigate the effects of the fuel price increase.
“If there is a way they can give a palliative, it will be good. We had much of it in the past, not too effective but we are saying that if it is something that can be worked on, the palliative not necessarily for the masses alone but for the organised private sector, they are also at the receiving end. It is affecting productivity. The effect of the increase is enormous. Government should look for the best palliative measures,” he said.