Growing indications suggest that retail petrol prices are on the brink of a sharp increase as the federal government considers abandoning petrol subsidy.
POLITICS NIGERIA reports that the downstream sector of Nigeria’s petroleum industry has been thrown into confusion with the emergence of a document revealing an alarming retail price of over N500 per litre for petrol.
The document highlights the listed prices of petrol in key cities, including Abuja, Lagos, and Kano, at N537, N488, and N540 per litre, respectively.
This newspaper learnt that despite multiple attempts to obtain confirmation from Mr. Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the regulatory body overseeing sector activities, no response has been received.
However, an anonymous oil marketer quickly dismissed the document as a fabrication, asserting, “It is inconceivable that any reputable business would rely on an obviously fraudulent and randomly circulating list on social media to determine their pricing.”
Recall that in a recent address at the Eagle Square in Abuja, President Tinubu confirmed the exclusion of the petroleum subsidy regime from the reviewed 2023 budget, declaring an end to the subsidy.
During his speech, President Tinubu stressed the redirection of subsidy funds towards critical sectors such as public infrastructure, education, healthcare, and job creation.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime, which has disproportionately favoured the wealthy over the poor. The increasing costs of subsidies can no longer be justified given our limited resources,” he proclaimed.
The announcement has triggered widespread reactions from various sectors across the country.
