Tag
PETROL PRICES
The CEO of Rainoil Ltd, Dr. Gabriel Ogbeche has stated that the current high price of fuel in Nigeria is primarily driven by the exchange rate and not necessarily the price of crude oil in the international market.
The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi has ordered the auction of seized petrol in Adamawa at N630 per litre.
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has raised concerns about the rising petrol pump prices in Lagos and Abuja, warning that this could trigger a cycle of economic hardship across the country.
A new report by CardinalStone research has noted that the increase in petrol prices by the NNPC in the past few weeks is unlikely to affect food inflation in the country.
The Minister of State for Petroleum Resources (oil) Sen. Heineken Lokpobiri has stated that the availability of supply of petrol prices will result in the stability of prices across the country.
The federal government is considering granting Aliko Dangote’s refinery the authority to set petrol prices, according to reports from Bloomberg.
The Management of the Dangote Group has come out to clarify media reports that the NNPC has begun off taking petrol from its refinery at N897 per liter stating that it cannot fix, influence petrol prices in the country since it is responsibility of the relevant regulatory agencies.
The Manufacturers Association of Nigeria (MAN) has reacted to the increase in petrol prices stating that Small and Medium Scale Enterprises would be particularly hard-hit projecting that SMEs across the country could scale down operations or completely shut down.
The World Bank has stressed the need for Nigeria to fix issues with fuel prices and improve non-oil revenue. It noted that if these issues are not fixed, Nigeria might lose the benefits of its economic reforms and face increased financial problems.