BREAKING NEWS

Metro

World

Spiritual

8 Nov 2016

Petrol Subsidy Returns as Nigeria Pays N28 Per Litre

Ibe Kachikwu

The Nigerian National Petroleum Corporation (NNPC) had been selling petrol 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. 

PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

How I Made Me =N=2.5 MILLION In 7 Days from 2 Common Product I Imported and how you can do the same. Click HERE FOR FREE Details right now

Warning To Men: This 3 Foods Is Killing Your Erection. Click Here To Know Them

Secret Fruits that increased my Manhood and makes me last 55 minutes+ all time - Click here to get it

Warning: Got Arthritis? 3 Simple Ways To Get Cured And Be Permanently Free From Joint Pains. Click Here To See Them

REVEALED!! Reduce Your Blood Sugar Level And Reverse Diabetics Within A Short Period Of Time. Click Here To See How

MIDNIGHT,Pressed Mr Kilanko Suddenly Couldn't Urinate. Shrink your Enlarged Prostrate Here! Click Here Now

Loading...

SHARE YOUR STORY WITH US VIA EMAIL: INFO@247NIGERIANEWSUPDATE.CO

RECEIVE NEWS VIA OUR WHATSAPP, KINDLY TEXT +234 701 056 0394 TO ADD YOU

CLICK HERE TO JOIN US ON OUR YOUTUBE CHANNEL FOR NEWS UPDATE

CLICK HERE TO JOIN US ON TWITTER FOR INSTANT NEWS UPDATE: @247NGNEWSUPDATE

CLICK HERE TO JOIN MILLIONS AROUND THE GLOBE TO READ NEWS ON OUR FACEBOOK FAN PAGE

FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE

RECEIVE INSTANT NEWS UPDATE VIA OUR BBM BROADCAST: D3EDEFDF

Post a Comment

 
Copyright © 2015 247 Nigeria News Update
Website by Tech Guardian