Petrol pump price dilemma lingers as FG retains subsidy guardian.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from guardian.ng Daily Mail and Mail on Sunday newspapers.
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Petrol subsidy removal will save N1trn, boost govt revenue – Experts
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By Obas Esiedesa
Experts have warned that unless the downstream sector of the petroleum industry is fully deregulated and libralised, Nigeria would pay almost N1 trillion as subsidy on premium motor spirit, petrol, this year,
In March 2020 when the Federal Government took advantage of very low crude oil price at the international market to announce full deregulation of the downstream sector of the petroleum industry, the challenge then was always going to be what would happen when crude oil price goes up.
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Especially given that Nigeria imports all its petroleum product needs despite being a major crude oil exporting country.
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
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.