NCYP calls for action as PMS price surge strains Nigerian economy

By Tina Amanda

The Northern Christian Youth Professionals (NCYP) has described the shift from the importation of Premium Motor Spirit (PMS) to local production and supply in Nigeria, as a significant step that brought considerable challenges.

In a statement signed by NCYP Chairman, Isaac Abrak, he said the sharp increase in the pump price of PMS, soaring from ₦617 per liter to ₦855 and, in some instances, reaching ₦1,200, has placed undue hardship on the populace.

According to NCYP, the surge is particularly worrisome as it compounds the pressure on an already fragile economy undergoing restructuring for genuine development.

The organization commended the establishment of the Dangote Refinery as a notable achievement stemming from the Federal Government’s oil reforms. Noting the reforms aim to restore Nigeria’s capacity to refine PMS locally, reducing reliance on imports.

However, NCYP stressed that this milestone should not come at the expense of ordinary Nigerians, who have endured the removal of fuel subsidies as part of the national sacrifice to reform the economy. The organization expressed confidence that the current price surge was not the intended outcome of President Bola Ahmed Tinubu’s bold decision to remove the subsidy.

They urged the President to take immediate action to address the situation.

They called for decisive changes within the Nigerian National Petroleum Company Limited (NNPCL) and other relevant sectors to ensure that the President’s campaign promise of improving life for all Nigerians is fulfilled.

Additionally, the group urged President Tinubu to appoint a substantive Minister of Petroleum. They noted that with his many responsibilities, including tackling insecurity and food shortages, the President needs a dedicated figure to manage the petroleum sector efficiently.

They explained that the partnership between the NNPCL and Dangote Refinery could undermine the refinery’s effectiveness while calling for greater transparency from the NNPCL as open communication, will help restore public trust in the organization.

Finally, NCYP called on Nigerians to remain calm, assuring that a reduction in PMS prices is expected soon as distribution from the Dangote Refinery continues to stabilize. The group remains committed to advocating for the welfare of all Nigerians and urges the government to prioritize the needs of the people during this transitional period.