With Many Nigerians Paying N250-N400 for Petrol, Marketers, Economists, OPS Insist on Full Deregulation Our Correspondents With many Nigerians now paying as high as between N250 and N400 for a litre of petrol, fuel marketers, economists and the organise
With many Nigerians now paying as high as between N250 and N400 for a litre of petrol, fuel marketers, economists and the organised private sector have again asked the federal government to hands off the regulation of the price of the product to allow market forces prevail.
For instance, several filling stations in Jalingo, the Taraba State capital, were selling at N295 per litre while some filling stations were selling at N285.00 and N290.00.Filling stations located along Kachia Road, near Refinery Quarters, were selling between N280 and N305. In Mubi, most of the filling stations were selling at between N340 to N360 per litre while in Numan, Ganye, Guyuk and Lamurde, the product was sold for N360 per litre.
Other stations located along Makurdi road in Lafia, were selling at N289 per litre, while the NNPC Mega Station in Jos road was selling at N179:00 per litreTHISDAY gathered that the price of the product recently rose from N297-N302 following the claims by the marketers that there was a drop in supply by NNPC Limited.
Petrol marketers who reacted to the development argued that the current realities have made it glaring that spending huge trillions of naira on petrol subsidy, even when the product is still not available in many filling stations, is no longer sustainable. Against the provisions of the Petroleum Industry Act , which approved for full deregulation of the downstream petroleum sector, the federal government had in January last year postponed the removal of petrol subsidy by 18 months, to June this year.
He added that all stakeholders must work together to end the current fuel scarcity in the country, adding that the Forex should be made available to every player to enable them to compete in the market and ensure product availability at every station across the country. Others who shared this view were the Director General of Nigeria Employers’ Consultative Association , Mr. Adewale Oyerinde; the Director General of the National Association of Chambers of Commerce, Industry, Mines and Agriculture, Mr. Sola Obadimu; the Founder of Centre for the Promotion of Private Enterprise , Dr. Muda Yusuf; a Professor of Economics, University of Uyo, Professor Akpan Ekpo, and the Chief Executive Officer, BIC Consultancy Services, Dr. Boniface Chizea.
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