According to reports, the latest price hike follows the NNPCL’s decision to terminate its exclusive purchase agreement with the Dangote Refinery. According to the minister, the government no longer regulates petrol pricing, and the NNPCL has been absorbing losses since the removal of fuel subsidies in May 2023. Idris further linked the price hike to external pressures, particularly the ongoing Middle East crisis, which has caused instability in global oil markets. The majority of Qatar’s 2022 fuel subsidies were given for natural gas and equivalent to about 19% of its GDP. My submission, then, is simple: full deregulation of PMS is the same thing as final burial of the Nigerian masses.

Source: Nigerian Tribune October 12, 2024 05:43 UTC