Subsidy: Petrol To Be Sold for N800/litre Soon? Marketers Raise Real Fears
- Before removing petrol subsidy in June as it said it will do, the federal government needs to put some necessary measures in place
- Some oil marketers have said that if this is not done by the government, the price of the product could shoot up to N800/litre
- One of those who confirmed this position to reporters on Monday, January 23, is the secretary of the Independent Petroleum Marketers Association of Nigeria, Mohammed Shuaibu
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
Abuja - There are fears and speculations that the removal of petrol subsidy by the federal government without putting measures in place will lead to serious scarcity that could scale up the price to as high as N800/litre.
This is the latest position of oil marketers who spoke with reporters on Monday, January 23, Nigerian Tribune reports.
Source: Facebook
The projection is coming amid the announcement by the minister of finance, budget, and national planning, Zainab Ahmed, that the budgetary allocation for subsidy would end in June.
On his part, the secretary of the Independent Petroleum Marketers Association of Nigeria in Abuja-Suleja, Mohammed Shuaibu, said the product will be scarce if the subsidy is removed without necessary measures, The Punch added.
PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!
Shuaibu said:
“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.
“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.”
FG gives hint on moves to gradually remove petrol subsidy
The federal government on Tuesday, January 17, announced that it may begin a gradual removal of fuel subsidy from April 2023.
The minister of Finance, Budget, and Planning, Zainab Ahmed, while speaking on the sidelines of the World Economic Forum in Davos, Switzerland, said it is important that Nigeria exits the petrol subsidy regime.
Ahmed, while making the disclosure after an 18-month extension of the removal of the fuel subsidy, said the revenue would go into government coffers.
Source: Legit.ng
