- Following the signing of PIB, there are strong indications that petrol might sell for N300 in Nigeria very soon
- This might come to reality if market forces were allowed to determine the price as stipulated in the new law
- Recall that some Nigerians have protested the Petroleum Industry Bill, describing some of the contents as injustice
The news outlet hinged this on the signing of the Petroleum Industry Bill by the President Muhammadu Buhari, on Monday, August 16.
With the signing of the PIB into law, the cost of petrol could jump to as high as N300 per litre from the current N162-N165 per litre upon the implementation of the law.
Meanwhile, Minister of State for Petroleum Resources, Chief Timipre Sylva will address some of this issue in a scheduled press conference on Tuesday, August 17.
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Subsidy removal: Petrol price could rise to N1,000 per litre, DPR alerts Nigerians
Recall that the Department of Petroleum Resources (DPR) has issued a warning that when the petrol subsidy regime comes to an end, Nigerians may have to spend as much as N1000 per litre for the product if an alternative energy source is not provided.
This was disclosed by the DPR director, Sarki Auwalu, at the Second Quarter, 2021 Business Dinner of Petroleum Club Lagos. In a statement seen by Legit.ng on the DPR website, Auwalu, who was responding to questions and comments generated by a paper he delivered, said Nigeria was spending so much on petrol subsidy.
According to him, getting rid of the subsidy will require making alternative fuel available to the people and failure to do so will lead to the people paying higher prices for petrol.
What must be done to keep petrol at N162 per litre
In an earlier report by Legit.ng, Mele Kyari said smuggling of petroleum has to stop to avoid the rising subsidy payments that have kept the country in a state of bleeding.
He said Nigeria cannot afford the payment of subsidy with the high rate of daily consumption being recorded which is due to the illegal export of petrol through the nation's borders.
According to him, the menace of smuggling has to stop for the government to maintain the current N162 per litre.