Price of petrol to hit N750 per liter soon, Nigerians to take caution
Stakeholders of Nigeria’s downstream industry of oil and gas have warned Nigerians about the projection of a potential hike in fuel price by up to N750 per litre in fuel filling stations across the federation very soon.
This warning comes after the plan of the federal government to completely de-regulate the downstream sector of the oil and gas industry. These were discussed during an online workshop titled “Deregulation of the Nigerian downstream sector: The day after”
Part of the suggestions proffered was to provide strategies and action that should be taken to ensure the complete elimination of gasoline subsidy in the country long term. This was joined by economic policy analysts and government agencies.
One of the major difficulties faced by the Nigerian oil sector currently has been the dificulty encoutered by the sector in finding buyers due to the ongoing strike in French oil refining industries as well as seasonal routines of maintenance carried out by European plants. This has in turn caused a drastic decline in producer’s sales.
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In attendance of this online workshop was representatives of the ARDA, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Major Oil Marketers Association of Nigeria (MOMAN), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Independent Petroleum Marketers Association of Nigeria (IPMAN).
Also, the PricewaterhouseCoopers (PwC), CITAC Africa, Petroleum Retail Outlets Owners Association of Nigeria (PETROAN), Federal Competition and Consumer Protection Commission (FCCPC), and NNPC Retail Limited (NRL) were also in attendance.
Recall that president Buhari had already said in 2022 that fuel subsidy will be completely removed by 2023.
This warning has come just as the Buhari led administration is few weeks away from coming to an end. The administration has had several previous attempts of total subsidy removal stampeded by the Nigerian Labour Congress NLC.
Price of petrol to hit N750 per liter soon, Nigerians to take caution
