Suppliers of Oil and Gas product in Nigeria have decried the recent increase in price of Low Pour Fuel Oil from N72.9 to N103.60; saying the increment will further cripple the activities of industries in the country.
It was gathered that the price of the product has been increased twice within the space of six months.
One of the suppliers, Jibril Abibakar who spoke on behalf of other suppliers lamented that the increase in price of LPFO is oppose to the present government’s agenda of industralizing the country.
According to him, the increment is outrageous and pure injustice to the industry.
"We have been buying the product at the rate of N72.9 while we supply to industies between N85 to N90, cost of transportation inclusive. On Saturday, we received a circular from the Nigerian National Petroleum Corporation (NNPC) that the price has been increased to N103.60,"
"How does government want existing industries to survive and how does it expect new industries to spring up? Government is talking about industralizing the country to create employment, yet, it is increasing the price of a product that constitute 50percent of what most industries use," he said.
Speaking further, he said that if the price continues like that, industries may down size to about 50percent, which he said will translate into unemployment. Also, new industries may not spring up while industries like Ashaka cement, Sokoto cement and Benue cement among others that use this product may increase the price of cement, which may also affect the building industry,"
He therefore called on President Muhammadu Buhari to urgently look into the matter with a view to reverting the price so as not to further agravate the economic situation of the country.
The Deputy Manager, Domestic Sales at NNPC Towers, Abuja, Mohammed S. Bello could not be reached when called on phone.