A Review of the Nigerian Energy Industry

CIIN urges marketers to stop pushing for higher fuel price

Petrol attendant06 March 2014, Lagos – President of Chartered Insurance Institute of Nigeria, CIIN, Mr Kayode Lawal, has advised petroleum marketers to stop their demand for higher pump price of petrol.

Lawal gave this advice in an interview with the News Agency of Nigeria, NAN, in Lagos.

According to him, this is not the right time to push for increase in the price of fuel.

Any increase in pump price of fuel will lead to rise in the price of other goods and services. It will also add to the suffering of the citizenry as it will affect price of various products in the market, including transportation.

It will be difficult for potential insuring public to take up policies as the income level will still remain low as well as has adverse effect on people renewing insurance policies,” he said.

Lawal said that when people were affected by hardship, insurance would be the last thing to cross their minds.

He said that the consequences of not having adequate insurance cover would be grave for the country in future. The CIIN president said that the call for higher fuel price might cause people to store fuel in their houses and offices and such could make them vulnerable to fire outbreak. According to Lawal, the timing for the call for higher price is not proper as such marketers should have a rethink.

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