Trouble Looms in Nigeria As Petrol May Sell Above N340/Litre, Marketers Plan Imports Amidst Forex Crisis
- The price of petrol might soon go up after the federal government removes its subsidy on the commodity
- According to reports, both independent and major oil marketers were perfecting plans to resume PMS imports once the government halts the subsidy regime
- Recall that the group managing director of NNPC, Mele Kyari, announced at a World Bank event in Abuja that petrol would sell for between N320 and N340 per litre
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It seems Nigerians ill be in for rough time come February 2022 when the federal government finally removes its subsidy o.
According to oil marketers, the price may go higher than the projected N340/litre in February 2022.
It was gathered that both independent and major oil marketers were perfecting plans to resume PMS imports once the government halts the subsidy regime, Punch Newspaper reports.
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They expressed worry that the fluctuation in foreign exchange rates and how this would impact on petrol price next year.
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Recall that recently, the group managing director of NNPC, Mele Kyari, announced at a World Bank event in Abuja that petrol would sell for between N320 and N340 per litre from February 2022 by which time the federal government have removed the subsidy.
4 things that will happen if petrol price becomes N340 per litre - Shehu Sani reveals
Meanwhile, Senator Shehu Sani, former federal lawmaker from Kaduna state, has spoken on what Nigerians will experience if the price of petrol becomes N340 per litre.
Sani's comment follows a statement by the Group Managing Director and Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC) that the price of petrol may range between N320 and N340 per litre after the removal of subsidy in 2022.
The former senator listed what will happen if the product is being sold at such a high price.
He said:
Salaries or wages will be worthless
Landlords will increase the rent
The schools will increase the tuition and parents must pay
Food prices, transport, water and electricity bills will increase
Governors back subsidy removal, says El-Rufai
Meanwhile, Malam Nasir El-Rufai, the governor of Kaduna state, has said state governments are in support of the federal government's plan to exit fuel subsidy regime.
El-Rufai, a panelist who joined virtually, said that if the regime of fuel subsidy was not eliminated, 35 out of the 36 states of the federation may not be able to pay salaries in 2022.
He argued that kerosene which matters most to the masses had been regulated without any hitches, while diesel which was most important to transporters had also been regulated for a long time. Similarly, Marco Hernandez, World Bank Lead Economist for Nigeria said petrol subsidy is not only costly it also mainly benefits richer households.
Source: Legit.ng
