Fuel Price: Expert Predicts Worse Inflation Indices, Tougher Times Ahead

Petrol to sell at N360/N400 per litre after subsidy removal

THE Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said that a litre of petrol should sell for between N360 and N400 after the subsidy regime.Information Guide Nigeria

This was disclosed to newsmen yesterday on the sideline of the association’s National Executive Council meeting in Abuja by PENGASSAN president, Festus Osifo.

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Osifo said, “Today, the sole importer of PMS (petrol) into Nigeria is the NNPC. The NNPC is using an exchange rate of the CBN, which gives about N400 to N450 depending on the day and depending on the window that you are looking at. So, if you compute that into the model today, PMS should be selling for a region of about N360 to N400.”NYSC Portal

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He stated that the association had compelled all its organs nationwide to make fuel available for Nigerians, as he threatened to withdraw the licences of any member found hoarding petrol.

According to ICIR, Osifo said, “While maintaining our support for the full deregulation of the sector and the significant milestone achieved in this regard, we counsel that efforts be made to increase the pace of the current rehabilitation exercise of refineries and get them back on track in due time.”

The Minister of Finance, Zainab Ahmed, had already informed of government’s plan to remove fuel subsidy before the end of the current administration, ICIR reports.

Also the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, at the last Monetary Policy Committee meeting held on March 21, 2023 said, “Upward risks and price adjustments in a build-up to petroleum subsidy removal, rising food prices are key considerations for raising monetary rate to 18 per cent,” Emefiele said.

ICIR reports that the Minister of Labour and Employment said the incoming administration would bear the burden of providing palliatives for Nigerians when subsidy is eventually removed.JAMB Result

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