Reports quoted oil marketers as attributing this to the recent increase in the cost of crude oil at the international market.
The newspaper said the marketers also complained about the challenge in sustaining the improvement in the supply of petrol across the country.
Lawal Taofeeq, corporate affairs manager of Nipco Plc, a renowned oil marketing firm, advised government to manage petrol subsidy properly in order to ensure adequate sustenance of the present improvement in fuel supply.
He noted that the marginal rise in the price of crude oil could force the government to review the pump price of petrol upwards, particularly should the government insist on not paying petrol subsidy to oil marketers.
“We’ve started importing products. But on sustenance, it depends on how the government handles the issue of subsidy. You know subsidy on petrol has returned and its management will go a long way in affecting fuel supply,” he said.
“Before, there was no subsidy on petrol. But now, considering the rise in crude oil price, there is subsidy despite the fact that the official pump price hasn’t been changed. So, if the subsidy issue is not managed properly, marketers may not want to import the product unless they are sure of their money.
“The government has been using the price modulation technique, and as crude oil price is going up, it will be adjusting the pump price of petrol. Any moment from now, there may be an upward review in the pump price of petrol to take care of the rise in the price of crude oil in the international market.” Click to signup for FREE news updates, latest information and hottest gists everyday
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Dis is wat we call chanji and not change
ReplyDeleteLiars and government of deceit. Hahahah! Those trekking from Lagos to Abuja should put on their canvas if they still have any cos soon they will be trekking to London Accra France Abu Dhabi New York Turkey Japan China... For Baba and to meet Baba while Babas 16 years old child flies first class.... The same for poor widows and Okada riders who donated their entire life saving. This is the change and we are all enjoying it. Sai Baba!
ReplyDeleteSince the last general election where I regrettably water my vote on this deceitful incompetent heartless selfish and insensitive APC and people,and considering what I am passing through now due to the lack of clear policy and bad economic decisions, I will never trust any politician again. Most of them do not fear God. They are liar no matter how old they are .It is a pity now that most Nigerians are suffering and hungry and these heartless politicians are going about with lies as if all is well. Selfish and self interest are their names.
ReplyDeleteThis is the reason why we JWs do not vote or participate in any political activities.
DeleteMan will dominate man to his injury.
This is the reason why we JWs do not vote or participate in any political activities.
DeleteMan will dominate man to his injury.
We are used to this. If the government like they should make it #500 per litter, we would adjust because the only thing Nigerian governmeng like to do is to increase price without a cushioning parameter. God go punish all of them and their generation shall feel 10times our pains.
ReplyDelete#GodWillFight4Us#
This country never have reduction in their dictionary...Even America gas drastically reduce pump price compared to when crude was sold for avove $100 per barrel. Suffering is too too much in this country. Is one of the worst country in the world suffering with plenty of crude oil and gas.
ReplyDelete