As fuel prices jump to over N700 in distant parts of the country, talks between the Federal Government and organised labour over the removal of fuel subsidy ended last night in a deadlock.
They failed to reach a consensus following the hike in petrol pump prices to over N700 from N195 per litre by oil marketers. The hours-long meeting which was held at the Presidential Villa was to, among other things, prevent a labour crisis following the recent increase in the petrol pump price occasioned by the discontinuance of petroleum subsidy. Earlier on Wednesday, the Nigerian National Petroleum Corporation Limited said it had adjusted the pump price of Premium Motor Spirit to reflect the market realities. The agency, however, failed to state the new prices of petrol. However, several retails outlets sold the product between 600 and N800 in Lagos, Abuja, Ogun and some other states. The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, pointed out that the hike in the cost of PMS would trigger galloping inflation in the country, stressing that some outlets in the South-East were currently dispensing the product at N1,200/l.
