FG Rules Out Plan To Increase Fuel Prices

FG Rules Out Plan To Increase Fuel Prices

The Federal Government (FG), has ruled out the plan to increase fuel prices, at least during the Yuletide period.

The government’s comments came amid the worsening fuel scarcity across the country.

BizWatch Nigeria understands that due to the persistent fuel scarcity, which has seen long queues returned to filling stations, the cost of petrol has risen to as much as N285 per litre.

Meanwhile, some senior officials at the Nigerian National Petroleum Company Limited (NNPC) had earlier confirmed that subsidy was becoming too burdensome for the national oil company, as this was another reason for the scarcity of petrol.

NNPC is the sole importer of petrol into Nigeria. It has been shouldering this task for several years now after other marketers of the commodity stopped importing the product due to their inability to access foreign exchange as required.

“Your report on Monday fully captured what is happening in the downstream oil sector, with respect to the supply and availability of PMS,” a senior official at the company, who pleaded not to be named due to lack of authorisation, stated.

“How can we continue to import 60 million litres of petrol daily and keep subsidising it, while millions of litres are either diverted or cannot be accounted for? The burden is too much, as you rightly captured in that story.”

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