BREAKING NEWS

Metro

World

Spiritual

Tuesday, 8 November 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 CONTENTS ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Click Here To Download A Free Guide That Shows How To Make 100k Weekly Without Lifting Your Finger (Using An Autopilot System)

Click Here To Discover Why Experts Conclude This Money Making Secret Is 100% Legal, 446.67% Better and 217% Safer Than MMM.

Loading...

THANK YOU FOR VISITING 247 NIGERIA NEWS UPDATE AND KINDLY VISIT US AGAIN! CLICK HERE TO JOIN OUR FACEBOOK FAN PAGE FOR NEWS UPDATES

For Instant Updates On Twitter Page @247NGNEWSUPDATE

Post a Comment

 
Copyright © 2015 247 Nigeria News Update
Website by Tech Guardian