Saturday, July 31st, 2021

NNPC Insists No Fuel Price Hike, as Petrol Retains N162.5/L

Nigerian National Petroleum Corporation, NNPC, has debunk the news that fuel price hike is imminent. This is coming shortly after the outcry by members of the public, who vehemently kicked against the move.

In the recent action as announced initially by the Petroleum Products Pricing Regulatory Agency, PPPRA on the fuel price hike, it was reported that fuel will be sold for prices ranging from N206 to N212 per liter for March, as against the N162.5 base price that is currently being sold for Premium Motor Spirit (PMS).

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Mixed reactions have followed the actions of the government on the matter of the fuel price hike. Some argued in favor of the agency as they claimed that the Petroleum Products Pricing Regulatory Agency, PPPRA template is following the increase price of crude at the international market as well as instability in exchange rate.

Others at the other end of discussion as they allayed that the erstwhile administration of President Goodluck Jonathan had a better plan even on the fuel price hike matter through removing subsidy to stabilize the forces in the crude market, but the Ojota protest watered down the move, not minding that some celebrated economic moguls supported the actions back then, in persons of Okonjo Iweala (who is now the first female Director-General of the World Trade Organization) and former Emir Sanusi Lamido Sanusi at various townhalls meetings.

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The garrulous and now infamous Oshiomole too explained the need for deregulation and subsidy removal, concluded one Twitter user.

Omojuwa, a social commentator said, “this conundrum is a design; global oil prices go up, Nigeria’s FX revenue automatically increases due to its oil sales, but on the flip side of that coin, Nigeria’s petrol imports price increase due to the same effect. Because refining oil locally is rocket science. #FuelPriceHike”.

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What do you think of the recent increase and reversal of the fuel price hike? Let us know your thoughts in the comment section.

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