The Senate has postponed the public hearing regarding alleged sabotage in the petroleum industry, initially scheduled for September 10 to 12, 2024. The decision was made to allow for broader consultations with key stakeholders, whose input is deemed crucial for the investigative hearing’s conclusion.

Among those summoned to the hearing were prominent figures and organizations, including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, officials from the Nigerian National Petroleum Company Limited, the Central Bank of Nigeria, and the Nigeria Ports Authority. Other entities include the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Upstream Petroleum Regulatory Commission, Nigeria Customs Service, Nigerian Navy, International Oil Companies, Dangote Group, Capital Oil, and modular refineries.

The Senate also cited legislative priorities and the need for thorough due diligence as additional reasons for the postponement. Senator Opeyemi Bamidele (APC, Ekiti Central), the Leader of the Senate and Chairman of the Senate Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry, provided these reasons in a statement released on Sunday.

The ad hoc committee was established to investigate the billions spent on maintaining the nation’s refineries, scrutinize overpayments by regulatory agencies to transporters, and uncover the alleged importation of hazardous petroleum products and the distribution of substandard diesel in the country.

After completing its pre-investigation efforts and holding discussions with key stakeholders in the downstream and midstream petroleum sectors, the committee initially scheduled the investigative hearing for mid-September. However, Bamidele explained that after consulting with committee members and industry leaders, the decision was made to delay the hearing in the best interest of the nation.

Bamidele emphasized the necessity of further consultation with a broader range of stakeholders and pointed out that current national circumstances, requiring the urgent attention of both public and private sectors across the country, also influenced the decision.

He expressed regret for any inconvenience caused by the postponement, stressing that the decision was made solely in the national interest to ensure a comprehensive and effective public hearing. Bamidele assured stakeholders that a new date for the hearing would be communicated soon.

Meanwhile, the Kwara State Council of the Nigeria Labour Congress (NLC) has called on the Federal Government to reverse the recent increase in petrol prices. In a statement issued on Sunday, State Chairman Muritala Olayinka criticized the price hike as an “assault on workers’ wellbeing and a breach of contract,” urging the government to reconsider economic policies that are not labor-friendly.

Following the Nigerian National Petroleum Company’s recent price increase, independent fuel stations have adjusted their prices, with some selling petrol at between N1,000 and N1,200 per liter. In Ilorin, the Kwara State capital, the price per liter has reached N1,000.

Olayinka condemned the government for reneging on its agreement with organized labor, recalling that the acceptance of a new N70,000 minimum wage was contingent on there being no further hikes in petrol prices. He urged citizens to remain calm and avoid actions that could escalate tensions, reassuring them that the NLC is closely monitoring the situation and working with relevant stakeholders to address the issue.

“The Nigeria Labour Congress Kwara State Council received the news of the recent fuel price hike with indignation. This hike is worrisome due to the harsh socio-economic situation in the state and Nigeria at large,” Olayinka said. He called for a national dialogue on the impact of economic policies on the living standards of workers and the broader Nigerian population, emphasizing the need to engage the government in finding solutions to alleviate the economic hardship facing the country.