Why Nigeria’s fuel pump price is stable despite global glut – Experts
The landing cost of Premium Motor Spirit on Tuesday dropped from N115.52 it reflected on Friday to N96.85 but oil and gas experts say the government may not reduce fuel price in Nigeria.
The crash became worse after Saudi Arabia reacted aggressively, with its plans to unilaterally increase oil output and also slash the price it sells crude into foreign markets on Saturday. “It is a tight budget they are dealing with because that also means that less money for them to fund the projects. So I am putting myself in their shoes. I am not so sure whether they want to quickly call for the cancellation of subsidy.
The spokesperson for the PPPRA, Kimchi Apollo, did not pick calls or respond to a text message sent to him from the reporter.
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