By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    United Nations
    4th International Conference On Financing For Development Delivers Renewed Hope And Action For Sustainable Development
    1 week ago
    The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa
    AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa
    2 weeks ago
    UN
    North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel
    2 weeks ago
    UNICEF
    How Wars Across Middle East, North Africa Affecting Children – UNICEF
    2 weeks ago
    UNDP
    UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil
    2 weeks ago
  • Africa
    Africa
    Show More
    Top News
    Kagame, Jonathan, Others To Receive African Icon Award In Kigali
    3 years ago
    Human Rights Watch
    Uganda: Human Rights Watch Kicks As Govt Set To Criminalise Gay
    2 years ago
    Putin Gifts Zimbabwe’s President A Helicopter
    2 years ago
    Latest News
    At Gender Statistics Forum, African Leaders Urge Renewed Commitment To Quality Gender Data
    1 week ago
    Ooni’s Wife, Olori Temitope Enitan-Ogunwusi Takes Ile Ife Royalty To ADWIN Launch In Cote d’Ivoire
    1 month ago
    Independent UN Body Finds Systemic Racism Against Africans And People Of African Descent
    1 month ago
    Public Exit: Why South Africa Businesses Are Moving To Private Cloud
    1 month ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Osun Lawmakers: We’re Ready To Work With Governor Adeleke
    2 years ago
    Monimitchelle’s Boss, Ebi Egbe Congratulates Sanwo-Olu On His Re-Election 
    2 years ago
    Adeleke’s Government is fully committed to development of Osun State – Odejobi
    2 years ago
    Latest News
    Youth Party Releases Primary Election Guidelines Ahead of August 16 Bye-Elections
    35 minutes ago
    Youth Party Appreciate Voters, Rejects Lagos Council Polls, Alleges Widespread Rigging
    1 day ago
    Lagos LG Poll: APC’s Osagie Daniel Coasting Home To Victory In Amuwo Odofin’s Ward K
    2 days ago
    Lagos LG Poll: I’ll Bring Government Closer To The People – APC Aspirant
    3 days ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    1 year ago
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Latest News
    She Was an Amazon Who Left Indelible Marks — Ayorinde Pays Tribute to Late Ambassador Adefope
    6 days ago
    IMSUAA 2025 Convention Mascot: A Symbol Of Love, Unity And Cultural Diversity
    1 week ago
    Lagos Hosts Groundbreaking Revenue Recovery Summit
    1 week ago
    CFE Foundation Seeks Sponsors to Sustain Humanitarian Programs Amidst Funding Challenges
    1 week ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Big Brother Naija & 6 Other Reasons To Stay Connected To Your GOtv 
    3 years ago
    Big Brother Titans: 22 Titans Left To Battle For The Ultimate Prize
    2 years ago
    Meet Nigerian Idol Season 8 Top 10 Contestants 
    2 years ago
    Latest News
    Purp vs Raymu: Who Will Be Crowned The Next Nigerian Idol?
    7 days ago
    Local Content Powers African Dreams
    1 week ago
    The Drama Returns As BBNaija ‘No Loose Guard’ Reunion Premieres June 23
    3 weeks ago
    You Can’t Fake it — James Omekwe On MultiChoice’s Impact On African Filmmaking
    1 month ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Ooni Of Ife’s Delegation In Brazil, Witnesses  Minister Of Human Rights Inauguration
    3 years ago
    Kida, Ejidike Felicitate With Nigerians On Christmas And New Year Celebrations 
    3 years ago
    Heritage Confectionery
    ADICC set for Irish African Food Festival
    11 months ago
    Latest News
    Noble Call to Service: Inside the Induction of 104 New Knights of St. Mulumba
    4 weeks ago
    Joining The Knighthood Brings You Closer To God -Sir Eva Njemanze
    4 weeks ago
    Africa Tech Festival Unveils Strategic Themes For 2025 Event,
    1 month ago
    Lagos SWAN Joins UN To Celebrate World Nutrition Month At Unilag Confab
    2 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Petralon's Nigerian Drilling Campaign to Boost Offshore Oil Output
    Petralon’s Nigerian Drilling Campaign To Boost Offshore Oil Output
    7 days ago
    Year 2025
    How Nigeria Can Unleash Its Economic Potential – IMF
    1 week ago
    GTCO Plc Becomes 1st West Africa’s Financial Services Institution To Achieve Listing And Trading Of Its Ordinary Shares On London Stock Exchange
    1 week ago
    Unity Bank
    Unity Bank Empowers Young Entrepreneurs With ₦16M Business Grant
    2 weeks ago
    NNPCL Board Accused Of Planning Lavish Party In Rwanda Amidst N210tn Financial Scandal
    3 weeks ago
  • Health
    Health
    Show More
    Top News
    ICN 2023: National Nursing Associations To Share Cutting-edge Case Studies At Montreal Congress
    2 years ago
    Deborah Multi-Specialist Hospital & Diagnostics Center
    ‘Deborah Multi-Specialist Hospital & Diagnostics Center, A Wake-Up Call To Ondo State Indigenes To Give Back To The Society’
    2 years ago
    Why Many Women Opt For Plastic Surgery – Surgeon
    2 years ago
    Latest News
    SSB Tax: Industry Actors, Paid Mouthpieces Slammed Over Campaign To Stop CAPPA
    5 days ago
    CAPPA Warns Nigerians On Excessive Consumption Of Sugar-sweetened Beverages, Says Nigeria Is In The Throes Of Public Health Crisis
    6 days ago
    Rising Non-communicable Diseases: WHO Wants Higher Taxes For Sugary Drinks, Alcohol, Tobacco
    1 week ago
    WHO Unveils Bold Push To Raise Health Taxes And Save Millions Of Lives
    1 day ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Nigerians May Pay N800 Per Litre For Petrol If Subsidy Is Removed
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Business > Nigerians May Pay N800 Per Litre For Petrol If Subsidy Is Removed
BusinessOil & Gas

Nigerians May Pay N800 Per Litre For Petrol If Subsidy Is Removed

Last updated: 2023/01/23 at 12:07 PM
2 years ago
Share
SHARE

BY OJO SAMSON AYOMIDE

There are strong indications that Nigerians are in for things they are not bargained for with the lingering scarcity of Premium of Motor Spirit, popularly called petrol, continued to bite harder, and If care is not taken, the cost of the commodity per litre may be high as N800 once subsidy on PMS is removed.

Industry operators had repeatedly stated that the high cost of subsidy on petrol was a burden on the Nigerian National Petroleum Company Limited and was contributory to the prolonged crisis in the downstream oil sector. NNPC is the sole importer of petrol into Nigeria.

- Advertisement -
Ad imageAd image

The Minister of Finance, Budget and National Planning, Zainab Ahmed, recently suggested that the government should gradually withdraw subsidy on PMS, stressing that the budgetary allocation for subsidy would end in June.

But oil marketers told our correspondent that while it could be advisable to remove subsidy, Nigerians should know that the cost of petrol could cross N800/litre once the commodity was no longer subsidised.

They urged the Federal Government to ensure that all the necessary measures and infrastructure to ensure a less stressful subsidy removal regime were put in place before implementing the decision.

“If the government fails to take the appropriate measures, and they say they want to remove fuel subsidy, the situation will be worse than this, the masses will suffer. How can you remove subsidy and you don’t have this product (petrol),” the Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, stated.

He added, “If the government removes subsidy, where is the product? If you are removing subsidy, maybe by that time, the way diesel is sold at between N800 – N900/litre, we could be buying petrol at N800/litre, if not more than that.

“This is because the product will be scarce, even from the government cycle. So the government should tell Nigerians the truth about this fuel supply crisis. It is not a problem caused by marketers.”

Shuaibu said oil marketers were ready to sell, stressing that when marketers got products a few weeks ago, the queues disappeared.

“But as it is today, you have black marketers everywhere selling with jerrycans and you will ask, where are the security agencies and the regulators?” he asked.

The IPMAN official added, “By tomorrow they will claim that it is the fault of the marketers. How? We are businessmen and every businessman wants to make a profit. You know the law of supply and demand. When the product is scarce, prices will rise, and vice versa.”

He explained that the downstream sector was not structured for adequate competition, adding that this could also pose challenges when subsidy was eventually removed.

He said, “By the time you are removing subsidy, you should know that the market is not properly opened and there is no competition. They always tell you about Dangote Refinery. We must understand that Dangote is a privately owned company.

“The pipelines of that facility were not even designed to run in any Nigerian state, rather it was designed to run to neighbouring countries, and maybe that one in Lekki there, that is all.

“So, more or less, that refinery might still exploit us, because when there is no competition, the only supplier calls the shots. For had it been that as Dangote is producing in Lagos, another person is producing in Warri, while one refinery is pumping in Abuja, then there will be competition.”

He continued, “We can see, for instance, the competition in the telecommunications sector today. But the government will continue to deceive us that Dangote Refinery will come on stream, when we know that it cannot really solve the problem.”

He argued that most of the pipes of the refinery were laid to neighbouring countries to supply them gas, stressing that Nigeria should not completely rely on the facility.

“They should not continue to be singing it as if it is what will solve our fuel supply problems,” the IPMAN official stated.

You Might Also Like

Petralon’s Nigerian Drilling Campaign To Boost Offshore Oil Output

How Nigeria Can Unleash Its Economic Potential – IMF

GTCO Plc Becomes 1st West Africa’s Financial Services Institution To Achieve Listing And Trading Of Its Ordinary Shares On London Stock Exchange

Unity Bank Empowers Young Entrepreneurs With ₦16M Business Grant

NNPCL Board Accused Of Planning Lavish Party In Rwanda Amidst N210tn Financial Scandal

TAGGED: Petrol Subsidy
INadminNG January 23, 2023 January 23, 2023
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Gold-Label Access Bank Lagos City Marathon: Over 2000 Int’l Elite Athletes Registered, As Expo Begins Monday
Next Article BREAKING: Industrial Court Dismisses Debo Oshundun’s Case Against National SWAN
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?