The continued rise in the price of crude oil at the international market has raised anxiety about a further petrol price hike in Nigeria. DAILY POST
The continued rise in the price of crude oil at the international market has raised anxiety about a further petrol price hike in Nigeria.The development comes in the face of the Naira depreciation at the foreign exchange window, exchanging at N980/$1 on Monday at the parallel market.
The development is sequel to President Bola Ahmed Tinubu’s assurance to Nigerians that there will not be further fuel pump price increments, according to Ajuri Ngelale, Special Adviser to the President on Media and Publicity. Except in July, when Emadeb Energy imported 27 million litres of fuel into Nigeria, NNPC limited has been the sole supplier of the product nationwide.
He said the Nigerian National Petroleum Corporation Limited is the sole supplier of petrol nationwide and has not proposed an increment plan.He urged the federal government to speed up efforts toward ensuring the implementation of Compressed Natural Gas as a viable alternative to fuel. “For now, there is nothing to worry about. The same reason the price could go up, it can also come down. NNPCL can do anything to remain in business. No market should complain of dollar scarcity because they are not importing PMS. NNPCL is the sole importer for now.
According to him, as long as NNPCL remains the sole supplier and fuel importer, the product’s price may likely remain unchanged in the interest of the generality of Nigerians.
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