The Natural Oil and Gas Suppliers’ Association of Nigeria (NOGASA) has raised alarm on the incessant increases in the price of AGO popularly known as diesel in the depots. The National President of NOGASA Benneth Korie who made this known in a statement in Abuja lamented that the rapid increases in prices have made it difficult for suppliers to access products, and loans from commercial banks. The association also stressed that the rising prices are also causing hardships for haulage transportation and commuters alike.
The NOGASA helmsman therefore called on government to intervene before the sector is negatively impacted, a situation he warned could lead to the derailment of the anticipated growth of the sector. Korie similarly stated that if efforts were not made towards achieving price stability in the sector, it will be counterproductive to the aspirations of Nigeria’s national economy. He however noted that the meeting of the association slated for October will take adequate steps towards finding lasting solutions to the problem.
According to him NOGASA, is worried about the ugly development and is trying to understand why prices of Diesel are going as high as N950 to N1100 per litre as today in the market. He said this is with a view to moderating the prices and shocks in the economy. The association also noted that with the price of crude oil hovering at $95 per barrel and the Naira exchanging for N1000 per Dollar, Nigeria should no longer be dependent on importation of refine products. Consequently, the association admonished that Nigeria’s refineries should be given emergency attention by government.
