• Contact Us
  • About Us
Saturday, August 26, 2023
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

Apathy As FG Approves Increase Of Official Petrol Price To N185,  

... Development Exposes 'Frauds' In Subsidy Regime-Analysts

metro by metro
January 19, 2023
in Economy
0
Apathy As FG Approves Increase Of Official Petrol Price To N185,   
0
SHARES
0
VIEWS

 

By John Omachonu

The Federal Government has given approval to the Nigerian Midstream and Downstream Petroleum Regulatory Authority for an upward review of the official retail price of petrol to N185.

Although an official announcement may not have been announced yet, metrobusinessnews.com (MBN) reports that there was confusion in some of the NNPCL mega stations in Lagos and Ogun states as they temporarily halted sales late afternoon on Thursday, claiming to be waiting for instructions from Abuja.
Sources say announcement of the new price will be announced any moment soon.
But most Nigerians have expressed apathy towards the development, saying they had been paying above the regulated price, for quite sometime.
They argue that it further demonstrates government’s insensitivity to the sufferings of the people as the market is already reacting to the market fundamentals with its negative consequences on the people.
Some analysts argue that the development may have exposed the attendant frauds associated with subsidy regime over the years.
They blame the federal government for lacking political will to stop the payment despite the fact that it has been obvious that the scheme has been shrouded in secrecy and fraudulent practices.
According to them, this sy be responsible for the back and forth in terms of the timing of ending the regime by this government, which said recently that it may end the regime earlier than the June announced.
Although the Federal Government plans to spend N3.35 trillion on petrol subsidies from January to June 2023, but silent on the effect if the new date on the smnt earmarked for part of thi year.
ALSO READ:Commuters Stranded As Fuel Queues Resurface In Lagos
Although the official pump price was N165 per litre, MBN findings showed many fuel stations sold petrol above N200 per litre in Lagos and other major cities, while it goes above N200 in some towns.
But sources closer to the authorities concerned insist that the increase is to compensate for the current market realities associated with escalating foreign exchange and high lightering charges such as the cost of chartering shuttle vessels for discharge of the Premium Motor Spirit (PMS).

Read Also

Nigeria’s GDP Growth Slows To 2.51% In Q2, 2023 Amid Challenging Economic Condition

South Africa’s Lower Inflation Rate Places Leaership Burden On Nigeria, Africa’s Largest Economy

Nigerian Banking Industry Unsettled By JP Morgan’s Report On CBN’s FX Reserve Management

Previous Post

Concerns As ASUU Likely To Embark On Another Strike 

Next Post

NCDC Raises The Alarm On Diphtheria Outbreak In Lagos, Kano, Others

Related Posts

Nigeria’s GDP Growth Slows To 2.51% In Q2, 2023 Amid Challenging Economic Condition
Economy

Nigeria’s GDP Growth Slows To 2.51% In Q2, 2023 Amid Challenging Economic Condition

August 25, 2023
South Africa’s Lower Inflation Rate Places Leaership Burden On Nigeria, Africa’s Largest Economy
Economy

South Africa’s Lower Inflation Rate Places Leaership Burden On Nigeria, Africa’s Largest Economy

August 24, 2023
At 22.8% inflation, Investors Bid N384bn Worth Of Treasury Bills At 12.15% Per Anum
Economy

Nigerian Banking Industry Unsettled By JP Morgan’s Report On CBN’s FX Reserve Management

August 23, 2023
Former Nigerian Oil Minister Alison-Madueke Charged With Bribery By UK Police
Economy

Former Nigerian Oil Minister Alison-Madueke Charged With Bribery By UK Police

August 22, 2023
Next Post
NCDC Raises The Alarm On Diphtheria Outbreak In Lagos, Kano, Others

NCDC Raises The Alarm On Diphtheria Outbreak In Lagos, Kano, Others

Abolish ‘human exploitation’ once and for all, UNESCO chief urges

August 25, 2023
Nigeria’s GDP Growth Slows To 2.51% In Q2, 2023 Amid Challenging Economic Condition

Nigeria’s GDP Growth Slows To 2.51% In Q2, 2023 Amid Challenging Economic Condition

August 25, 2023
Minister Says Port Harcourt Refinery To Be Ready In December 2023

Minister Says Port Harcourt Refinery To Be Ready In December 2023

August 25, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version