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
    4 months 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
    4 months ago
    UN
    North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel
    4 months ago
    UNICEF
    How Wars Across Middle East, North Africa Affecting Children – UNICEF
    4 months ago
    UNDP
    UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil
    4 months ago
  • Africa
    Africa
    Show More
    Top News
    Human Rights Watch Kicks Over 10-Year Jail Term Giving Burundian Journalist
    3 years ago
    Democracy In Africa In Crisis, Afrobarometer Warns
    3 years ago
    Hopesalive Initiative for Africa
    Queen Temitope Enitan-Ogunwusi Receives African Award In Ethiopia
    2 years ago
    Latest News
     South Africa’s Think 20: Experts Address How Africa Can Bridge Digital Divide And Achieving Financial Inclusion
    4 weeks ago
    U.S. Africa Command Commander Visits West Africa, Underscores Partnership In Addressing Evolving Terrorism Threat
    1 month ago
    West Africa Regional Preparatory Workshop For COP30 On Climate Change Opens In Dakar
    1 month ago
    Systemic Racism Against Africans And People Of African Descent In Criminal Justice Systems Is Pervasive
    1 month ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Peter Obi’s Big Win In Lagos Set Social Media On ‘Fire’
    3 years ago
    Tayo Ayinde, A Leading Choice For Nigerian President-Elect’s Chief Of Staff
    3 years ago
    15th BRICS Summit
    Timi Frank Blasts Shettima For Gloating Over Predetermined Tribunal Judgement
    2 years ago
    Latest News
    Ex-Pres. Jonathan’s Senior Special Assistant, Dr. Dudafa Dumps PDP For APC
    1 week ago
    Senate President Akpabio Engages Young Progressives in Mentorship Conversation at the Youth House
    2 weeks ago
    Minister of Women Affairs Visits APC Youth House To Mark International Day Of Girl Child
    3 weeks ago
    EU, ADC Parley: Calls for Electoral Reforms To Guarantee Free, Fair, Credible Polls In Nigeria
    3 weeks 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
    All Eyes On Nigeria, As Lagos Set To Host Groundbreaking Giving Tuesday Festival On 2 December
    2 days ago
    Alleged N532m Debt: Court Orders Bank To Takes Over Abudu Family’s Firm
    4 days ago
    Popoola-Taiwo Legal Practitioners, Shipper’s Council Resolve 3-years Dispute Between Logistics Firms Via ADR
    6 days ago
    Final Journey of Ezinne Juliana Anyanwu To Begin January 2026 In Nguru
    6 days ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Nigeria’s Glo(W)Ing Entertainment Industry: 19 Years Of Strategic Partnership
    3 years ago
    2023 Polls: Stay Tuned To These Channels On GOtv For Breaking News And Analysis 
    3 years ago
    Family, Friends Celebrate As Princess Zara Raji Turns Two
    2 years ago
    Latest News
    GOtv Stream vs. Traditional TV: Why Viewers Are Loving the Flexibility
    1 month ago
    Securing Africa’s Digital Future: Entertainment in Safe Hands
    1 month ago
    BBNaija S10: Joanna, Mide, and Isabella Clash as Denari and Tracy Exit the House
    1 month ago
    Akamai Adaptive Media Player 2: Bitmovin And Akamai Set New Streaming Standard
    2 months ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Ilara-Epe Kingdom To Confer Chieftaincy Title On Trinidad and Tobago Envoy
    2 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
    1 year ago
    Latest News
    Faith On The Move: Legion of Mary Lights Up Owerri With Inspiring October Devotion Procession
    2 days ago
    The Day Mourners Rebelled in Church By Babafemi Ojudu
    2 weeks ago
    Ambassador Raffy Bello Greets Imperial Majesty, Ooni Enitan-Ogunwusi, As Olojo Festival Begins In Ile-Ife
    1 month ago
    Preserving African Culture: Polaris Bank , Chivita, And Danone Support CIKDAS’ Youth Literary Initiative
    2 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Financial Action Task Force Removes Nigeria From Grey List
    4 days ago
    Unity Bank Shareholders Approve Merger With Providus Bank
    1 month ago
    Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders
    1 month ago
    Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria
    2 months ago
    Intra-African Trade Fair
    Nigeria To Host Intra-African Trade Fair In 2027
    2 months ago
  • Health
    Health
    Show More
    Top News
    NCDC Activates Lassa Fever Emergency Operations Centre In Nigeria
    3 years ago
    UNAIDS: Fully Financing HIV Response In Africa Will Save Millions Of Lives
    3 years ago
    How To Avoid Urinary Tract Infections During Sex
    2 years ago
    Latest News
    Nigerian Academy Of Pharmacy Inducts 14 New Fellows
    1 week ago
    2025 World Pharmacist Day: Lagos Takes Healthcare To Ikorodu Communities
    4 weeks ago
    World Heart Day: Adopt Healthy Food Policies, CAPPA Tasks FG, States
    4 weeks ago
    Lagos Takes Fight Against HIV To Communities
    1 month ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Nigerians Will Pay N750 Per Litre If Subsidy Is Removed – Marketers
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 Will Pay N750 Per Litre If Subsidy Is Removed – Marketers
BusinessOil & Gas

Nigerians Will Pay N750 Per Litre If Subsidy Is Removed – Marketers

Last updated: 2023/03/28 at 7:08 PM
3 years ago
Share
SHARE

Marketers and other groups in the downstream sector of the Nigerian petroleum industry have said that fuel prices in Nigerias may hit N750 per litre as the Nigerian government plans to remove petroleum subsidy.

The marketers made the disclosure at an online workshop titled; “Deregulation of the Nigerian Downstream Sector: The Day After”.

The workshop was organised by groups within the petroleum sector, in collaboration with the African Refiners and Distributors Association (ARDA).

The downstream actors, in conjunction with economic policy analysts and relevant government agencies, also outlined strategies and measures that should be deployed to ensure the sustainable removal of petrol subsidy.

- Advertisement -
Ad imageAd image

In January, Nigeria’s Minister of Finance, Zainab Ahmed, said that it will be more appropriate for the government to begin the implementation of its fuel subsidy policy in the second quarter of the year.

The minister noted that the country needs to exit the fuel subsidy regime because it is a very significant contributory factor to revenue loss.

Speaking at the workshop, Chinedu Okoronkwo, the National President of the Independent Petroleum Marketer Association of Nigeria (IPMAN), represented by the association’s National Operations Controller, Mike Osatuyi, revealed that the marketers were in support of the government’s plan to embark on full deregulation of the downstream sector.

Mr Okoronkwo warned Nigerians to prepare to pay up to N750 for every litre of petrol after the full implementation of the subsidy removal.

He noted that the projected pump price was likely to drop to around N500 if the government encouraged the Central Bank of Nigeria (CBN) to provide foreign exchange for marketers at the official rate.

He urged the government to channel expected savings from subsidy removal to the provision of palliatives for the masses. He, however, advised the government to be alert and sensitive to resentment from Nigerians.

Also speaking, the National President of the Nigerian Association of Road Transport Owners (NARTO), Lawal Othman, said that the full deregulation of the downstream sector and complete removal of petrol subsidy would introduce a mix of opportunities and challenges into the operating environment.

In his goodwill message, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, said the authority would allow a free market-pricing regime to prevail in the petroleum marketing business in the country once the sector was fully deregulated.

Taiwo Oyedele, the fiscal policy partner and Africa tax leader at PwC, urged the government and the regulators to identify potential pitfalls that could trigger resentment from citizens before, during, and after the removal of the petrol subsidy.

Mr Oyedele said deliberate public sensitisation, industry engagement, and collaboration with civil society organisations were needed to aid public buy-in during the implementation of full deregulation by the government.

He added that in the course of implementation of the policies, the government’s interpretation of its strategy must be issue-based and not confrontational.

Source: Premium TImes

You Might Also Like

Financial Action Task Force Removes Nigeria From Grey List

Unity Bank Shareholders Approve Merger With Providus Bank

Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders

Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria

Nigeria To Host Intra-African Trade Fair In 2027

TAGGED: Fuel Subsidy
INadminNG March 28, 2023 March 28, 2023
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Stakeholders Hails Organisers Of Supremacy Cup 
Next Article Adeleke To Aregbesola: I Will Make Sure I Complete Your Govt’s Abandoned Projects
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?