Business/Energy
Recently, Nigerians, who were already agonising in the atmosphere of unabating insecurity, were greeted with yet another bad news; an imminent fuel price increase. What is more disturbing is the call for them to bear the pains of the increase, as if they ever had any respite from all the years of persistent price rise in petroleum products. Fortunately, towards the end of last week, the Nigerian National Petroleum Corporation (NNPC), through its spokesperson, Kennie Obateru, said there would be no fuel price increase. As good as the news may be, it tells about some lack of coordination between the NNPC and the Ministry; and an embarrassing lack of communication between the GMD and the Minister. Chris Paul reports
The benefits of the fuel subsidy removal far outweighs the pains associated with the expected rise in petrol pump price due to the upswing in crude oil price, writes Obinna Chima
The rising cost of Brent crude oil and its attendant implication on petrol price in the country appears to have resuscitated the age-long debate over fuel subsidy removal in Nigeria.
Once more, there has been divergent views about this policy which until it was phased out last year, was a thorn in the flesh of successive governments in the country.
For instance, the federal government had disclosed that the nation spent N10. 413 trillion on fuel subsidy between 2006 and 2019, even as the country consistently grappled with low revenue generation over same period.
Unending increase in petrol price dailytrust.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytrust.com Daily Mail and Mail on Sunday newspapers.
The Minister of State for Petroleum Resources, Mr. Timipre Sylva, has asked Nigerians to ready to endure the pain of another hike in the price of premium motor spirit, popularly called petrol, even as the country is also set to benefit from the rise in price of crude oil in the international market.
By Emmanuel Addeh
The Minister of State for Petroleum Resources, Mr. Timipre Sylva, yesterday prepared the minds of Nigerians for a higher regime of the pump price of petrol, given the new fortune of crude oil in the international market.
With the price of Brent crude oil still hovering around $60 per barrel yesterday, Sylva said a high cost of petrol will be inevitable and urged Nigerians to be ready to bear the pains of the impending new price regime.
Besides, the federal government yesterday ramped up its plan to achieve the $10 per barrel crude oil production target with the official inauguration of the Nigerian Upstream Cost Optimisation Programme (NUCOP).