Fuel subsidy has been scrapped. Anyone can import fuel but the pump price has been capped at N145.
Please note the price is not set at N145 – it is capped at N145.
Deregulation has finally hit the market and Nigerians will be paying full price for petrol. This will be a huge blow to ordinary Nigerians who are already struggling and suffering the effects of our poor economy.
So why are we paying more when the price of oil has fallen drastically? One simple word – ‘devaluation‘. If Petroleum importers have to source foreign exchange at black market rates of N320 – $1, then we need more naira to buy products sourced in dollars.
While I am against anything that burdens the average Nigerian, sadly, this is the horrible economic reality of where we are. Previous governments frittered and squandered our resources. The government can no longer keep spending foreign exchange the country does not have, to import fuel.
The effects of the severe plunge in oil prices, our dwindling foreign exchange reserves, and unofficial devaluation of the Naira shows clearly that the country needs to speed up pursuing a non-oil dependent economy.
To solve our power and fuel issues, the Govt seriously needs to start thinking out of the box.
PS. I hear NNPC will still sell at N86:50? Is this correct? Can anyone confirm this?
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