• New price still off the mark
• Govt makes N3.3b daily for selling petrol at N125
For pegging the pump price of petrol at N125 per litre, the Federal Government would be shortchanging Nigerians to the tune of N3.3 billion daily on the 55 million litres of the product consumed everyday in the country, The Guardian has learnt.
If the sector was deregulated and market forces were allowed to drive the price based on current realities in which the price of crude oil averaged $25 per barrel, the expected open market price of the product should not exceed N84 per litre.
Though the Federal Government had earlier in the week directed the Petroleum Products Pricing Regulatory Agency (PPPRA) to peg the pump price of petrol at N125 per litre, down from N145, the directive might not have been the best option for Nigerians.
The Federal Government has remained the sole importer of petrol through the Nigerian National Petroleum Corporation (NNPC), which equally swaps crude oil for the…
Source: Guardian Newspaper
