FED GOVT PREPARES NIGERIANS FOR ANOTHER PETROL PRICE HIKE

Written by on February 10, 2021

AS CRUDE PRICE HITS $61/BARREL, THE FEDERAL GOVERNMENT HAS ASKED NIGERIANS TO PREPARE FOR ANOTHER HIKE IN PETROL PRICE BECAUSE THE INTERNATIONAL PRICE HAS A DIRECT BEARING ON THE COST OF REFINED PRODUCTS.

THE MINISTER OF STATE, PETROLEUM RESOURCES, MR TIMIPRE SYLVA, GAVE THE HINT AT THE LAUNCH OF THE NIGERIAN UPSTREAM COST OPTIMISATION PROGRAMME (NUCOP).

ACCORDING TO HIM, “THE HIGHER THE PRICE OF THE CRUDE OIL AT THE INTERNATIONAL MARKET, THE HIGHER THE PRICE OF REFINED PRODUCTS LIKE PETROL, DIESEL AND THE REST”.

HE SAID THAT THE INCREASE WOULD REFLECT MARKET REALITIES, ASSURING THE CITIZENRY THAT MECHANISMS WERE IN PLACE TO INSULATE THE CONSUMERS FROM PREDATORY PRACTICES OF OIL MARKETERS.

IN FOUR MONTHS, THE PUMP PRICES OF PETROL HAVE RISEN FROM N121.50 TO N123.50 PER LITRE IN JUNE; N140.80 TO-N143.80 IN JULY; N148 TO N150 IN AUGUST; N158 TO N162 IN SEPTEMBER AND N163 TO N170 IN NOVEMBER. SYLVA SAID THERE WAS NO WAY THE NIGERIAN NATIONAL PETROLEUM RESOURCES (NNPC) COULD SHOULDER ANY FORM OF SUBSIDY BECAUSE IT WAS NEVER PROVIDED FOR IN THE 2021 BUDGET SINCE THE FEDERAL GOVERNMENT HAD DITCHED THE SUBSIDY REGIME SINCE LAST YEAR


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