Man Demands Import license ,threatens to shutdown operations as Diesel price hikes

The Manufacturers Association of Nigeria (MAN) has asked the federal government to issue its members licenses to import diesel from the Republic of Niger and Chad, Nigeria’s neighbouring countries, in order to avert the avoidable monumental paralysis of manufacturing activities that could arise from total shut down of production operations.

Some filling stations in Lagos, Abuja, Niger and other states have began dispensing Premium Motor Spirit at between N200/litre to N250/litre, higher than the government-approved retail price of N165/litre, as queues for the product extended to more states.

It was gathered that the worsening queues for petrol in Lagos and neighbouring states, as well as its prolonged persistence in Abuja and environs, were due to the insufficient supply of products by the Nigerian National Petroleum Company.

Furthermore, oil marketers denied claims of product hoarding or diversion, as they stressed that the insufficient supply of PMS by NNPC and the non-payment of bridging claims for the transportation of petrol were the key reasons for the scarcity.

The MAN also urged the government to develop a response strategy to address challenges emanating from the armed conflict between Russia and Ukraine.

Furthermore, the association called for the immediate opening up of border posts in that axis in order to cushion the effect of high diesel and aviation fuel prices currently ravaging the economy.

The association also called for help in saving the remaining manufacturing companies from closing down as a result of challenges arising from the inadequate electricity supply, inaccessible foreign exchange among others.

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Findings showed that diesel, which was sold at N266/litre as of October 2021, has recently increased to above N800/litre, which is above 200 per cent.

 

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