By Adedapo Adesanya
The Manufacturers Association of Nigeria (MAN) has lamented the difficulty in the operations of its members worsened by the recent fuel pump price increase.
Recall that the Nigeria National Petroleum Company (NNPC) Limited reviewed the price of PMS from N580 per litre to N855 in Lagos and over N900 depending on the location to another across the country.
The MAN Southwest chairman, Mr Lanre Popoola, in an interview with the News Agency of Nigeria (NAN) in Ibadan on Friday, noted how difficult it has been to operate manufacturing firms on full scale under the current economic hardship.
He said the group was already facing difficulties before the increase in the price of the Premium Motor Spirit (PMS) otherwise known as petrol.
Mr Popoola said it was unfortunate that amidst the increase and instability in the economy, the Federal Government expected the private sector to implement N70,000 new national minimum wage.
“Can we increase salary now? No. We are in a dilemma,” he said.
According to him, the sector has been plagued with economic challenges, such as inflation and the devaluation of naira amidst forex scarcity.
“The present hard situation in the country has been worsened by the fuel increase, and there is no respite in sight.
“It has been difficult to operate manufacturing industries on a full scale.
“ Even before the fuel increment, and now that the worst has happened, it has been difficult to operate under the economic hardship’’, he told NAN.
Despite this, Business Post reports that fuel queues remain across the country with supply issues remaining.
In a related development, the federal government has dismissed its involvement in the increase of prices of petrol across the country.
Mr Heineken Lokpobiri, Minister of State (Oil) Petroleum Resources, on Thursday, said the federal government was not responsible for the recent while briefing State House correspondents after a meeting with Vice-President Kashim Shettima.
Mr Lokpobiri said the industry had been deregulated, and that the government was not fixing prices.
“This sector is deregulated. And we believe that with the availability of products, the price will find its level.
“What is important is that the product is available in the country; between now and the weekend, there will be availability of the product across the length and breadth of the country,” he said.
He said it was important to convey to Nigerians that the President was empathetic about what was going on in the country.
“He is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting, for us to reflect on what is going on in the country.
“But, we believe that by the time the product is available across the country, the price itself will stabilise,” said the minister.
Mr Lokpobiri said Mr Shettima had summoned him along with Mr Mele Kyari, the Group Managing Director of NNPC and Mr Nuhu Ribadu, the National Security Adviser, over the recent hike in the price of petrol.
Also, Mr Ogbugo Ukoha, Executive Director of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said regulatory efforts were geared toward stabilising the supply of petrol in the country, which he said would impact positively on the stability of price.