Fuel price hike looms as tanker drivers suspend strike

Indications are that the federal government may soon review the pump price of fuel from the current N145 per litre to N150. This was part of the outcome of the meeting between the Petroleum Tankers Drivers union and the Nigerian National Petroleum Corporation in a bid to end the one day old strike embarked upon by the drivers.

Those who were at the meeting said Petroleum Tankers Drivers, PTD, branch of the Nigeria Union of Petroleum and Natural gas Workers suspended their strike action to allow for further dialogue with the Federal Government and the Nigerian National Petroleum Corporation, NNPC.
A meeting in Abuja, called at the instance of the NNPC Group Managing Director, Mr. Maikanti Baru, the Federal Government was said to have kick-started the process for a hike in the prices of petroleum products, with the products likely to sell between N147 and N150 per litre.
Specifically, to satisfy the yearnings of the aggrieved tanker drivers for an increase in transporters’ margin, sources among the officials of the PTD and NUPENG said that Baru promised to increase the Bridging Claims for the tanker drivers from the present N4 per litre, thereby setting machinery in motion for a possible hike in the price of Premium Motor Spirit, PMS.
The Bridging Claim is the amount paid to distributors of petroleum products across the country, and was introduced to ensure uniformity in the price of petroleum products across the country.
It will be recalled that in May 2016, the Federal Government approved a price range of N135 and N145 for a litre of PMS. But all the petrol stations in the country are selling at the highest point of N145 per litre.
National President of NUPENG, Igwe Achese, said the strike action had to be suspended in the interest of the country and also to allow for further negotiations and discussions.