THE Federal Government of Nigeria is reportedly considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates continue to rise.
According to a report by The Cable, there is no final decision yet, however, the proposal is “firmly on the table” as Nigerians continue to groan under harsh economic realities following the removal of the petrol subsidy in May 2023.
A presidency official revealed that the “realistic” amount of petrol consumed in the country is now known following the removal of subsidy on President Bola Tinubu’s inauguration, hence the amount spent on subsidy “can now be controlled”
On Monday, 14 August 2023, the Nigeria National Petroleum Company Limited said there are no plans to hike pump prices despite the rise in crude oil prices, landing cost, and fall in the value of the naira.
This is understood to be an option for Tinubu to keep the current prices, although private importers have not made a definite pronouncement on any possible adjustments.
Source: The Cable
Eighteen-Eleven Media