'Petrol prices jumped from N195/litre to over N500/litre in all states and the Federal Capital Territory, two days after the President’s pronouncement during his inaugural speech as Nigeria’s 16th President.'
As Nigerians strive to adjust to the over 156 per cent hike in petrol price, stakeholders have outlined ways to maximise the savings from fuel subsidy removal to develop the economy, writes OKECHUKWU NNODIM
Lagos was the only exception, where petrol was sold for N488/litre at retail outlets of the Nigerian National Petroleum Company Limited. There is no doubt that the oil and gas industry is strategic to the country’s growth and development. This is because the sector constitutes about 90 per cent of Nigeria’s foreign exchange earnings.
Firstly, Nigerians depended heavily on petrol to power their homes and businesses using generators, but above all, for transportation. Also, deregulating petrol has been quite difficult due to the comatose state of the country’s refineries, which could have alleviated the pressure of using the country’s scarce foreign exchange to import refined petrol.
In 2010, the NNPCL introduced oil-for-product swaps as a solution to the problem of lack of refined white products in the country. “NEITI’s latest policy brief, titled ‘The cost of fuel subsidy: A case for policy review,’ revealed that Nigeria expended over N13tn on fuel subsidies between 2005 and 2021.
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