Price of petrol to hit N750 per litre soon, stakeholders warn
Nigerians have been warned to brace themselves as the federal government prepares to completely de-regulate the downstream sector of the oil and gas industry.
Stakeholders in the country’s downstream oil and gas industry have warned that a litre of petrol would soon be sold for N750 at filling stations.
The stakeholders gave this warning during an online workshop titled; “Deregulation of the Nigerian Downstream Sector: The Day After.”
Joined by economic policy analysts and government agencies, the downstream players also provided a list of strategies and actions that should be taken to ensure the long-term elimination of the gasoline subsidy.
It was also revealed that Nigeria was having trouble finding buyers for its crude oil due to strikes in the French refining industry and seasonal maintenance at plants throughout Europe, which reduced the producer’s sales.
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) attended the workshop.
Others included PricewaterhouseCoopers (PwC), CITAC Africa, Petroleum Retail Outlets Owners Association of Nigeria (PETROAN), Federal Competition and Consumer Protection Commission (FCCPC), and NNPC Retail Limited (NRL).
The revelation comes just as the President Muhammadu Buhari regime gears towards the removal of fuel subsidy. The regime had on several occasions attempted to totally remove subsidy, a move that has been rejected by the Nigerian Labour Congress.
Mr Buhari had in 2022 said fuel subsidy will be phased out in 2023.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Anti-Corruption
FBI nabs top judge for accepting $2 million bribe to free Canadian drug trafficker
The judge was arrested in Colombia over allegations that he accepted a $2 million bribe to grant bail to Canadian drug trafficker Andrew Clark.
Hot news Home top
Governor Newsom to commute death sentences of 548 inmates to life imprisonment
The last time a prisoner was put to death was in 2006, when Republican and actor Arnold Schwarzenegger was governor.
Anti-Corruption
NJC intervenes in Imo CJ appointment controversy, directs Imo to reinstate Agugua
The council then directed Governor Hope Uzodimma to swear in the most senior judge as acting chief judge, resulting in Ms Agugua’s appointment.
States
Police nab suspects over alleged vandalism, theft of transformer cables
The suspects were arrested at different locations in the state.
States
Bayelsa court jails three for attempted human trafficking
The defendants pleaded guilty to all three charges upon their arraignment on October 28.
Heading 5
Oriental Hotel guest recovers belongings stolen by notorious Lagos thief
CCTV footage capturing the thief’s face and movements went viral after it was posted on social media.
