Petrol has been sold by the Nigerian National Petroleum Corporation
(NNPC) at N145 a litre, but on Thursday, November 3, the price rose to
N150 in the Federal Capital Territory and the surrounding areas as
private marketers capitalized on rumors regarding plans to hike petrol
prices.
The Minister of State for Petroleum Resources, Emmanuel Ibe
Kachikwu denied any knowledge of the reviewed price template which has
allayed fears of further increment in the pump price of petrol.
It should be noted that Nigeria has witnessed the worse
inflationary trend as well as economic recession since the emergence of
President Muhammadu Buhari.
Sources revealed to SaharaReporters that the federal government would
likely not increase the petrol price due to its fear that doing such
would trigger mass protests, as it did in 2012.
It was further gathered that the federal government has been quietly
subsidizing crude oil at N28 per liter to keep the fuel price low.
The subsidy, however, means that Nigeria has less crude oil to
sell, and Nigeria relies on exporting crude oil abroad in order for it
to be refined into petroleum products that are then sent back into the
local market.
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