Okechukwu Nnodim and Joseph OlaoluwaPump price doesn’t reflect market forces, petrol being subsidised – NNPCPrivate sector won’t invest in oil sector if subsidy continues, says LCCIThe Nigerian National Petroleum Corporation may spend N102.96bn on petrol subsidy this month going by the recent pricing template for the commodity. “There is no increase in petrol price and our position is that the ex-depot price for petrol in March remains the same. “But the fact is that the current pump price is not reflective of the expected market price for petrol. The Lagos Chamber of Commerce and Industry said a halt in petrol subsidy was inevitable if the economy must make progress but this should be done strategically. He noted that there was the adverse investment effect on the petroleum downstream sector resulting from policy uncertainty and inconsistencies.

Source: Punch March 14, 2021 23:37 UTC