Petrol Price Increase: Why Nigeria Cannot Afford Fuel Subsidy – Buhari
President Muhammadu Buhari has reacted to the increase in the price of Premium Motor Spirit , also known as petrol, by oil marketers in the country.
“There are several negative consequences if the government should resume the business of fixing or subsidising PMS prices. First of all, it would mean a return to the costly subsidy regime,” said President Buhari who was represented at the event by the Vice President, Professor Yemi Osinbajo. While the Pipelines and Product Marketing Company reviewed the ex-depot price of petrol from N138.62 to N151.56 per litre in September, a majority of oil marketers were selling above N160 per litre.For President Buhari, the COVID-19 pandemic, which has affected economies globally, has compelled the government to make some adjustments which he described as far-reaching.
“This was welcome by all and sundry. The effect of regulation though is that PMS prices will change with changes in global oil prices. This means, quite regrettably, that as oil prices recover, we would see some increases in PMS prices,” he stated.The President, however, gave an assurance that the government would remain alert to its responsibilities.
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