With $60 Per Barrel, FG in Dilemma over Deregulation


b9c42fba crude oil

· Fear of social disturbances stalls new pump price
· FG now subsidising PMS without budgetary provision

Gboyega Akinsanmi

As Brent Crude traded at $59.34 per barrel at the international oil market on Friday, the federal government is in a dilemma to increase the pump prices of premium motor spirit (PMS) or subsidise the product without budgetary provision, THISDAY checks have revealed.

However, according to our findings, the federal government cannot announce a new pump price in line with its deregulation policy due to perceived opposition by the organised labour; public disapproval such a decision will attract nationwide and social disturbances that may result from it.

The leadership of Petroleum Products Marketing Company (PPMC), an arm of Nigerian National Petroleum Corporation (NNPC), made this proposal during recent meetings with Independent Petroleum Marketers Association of Nigeria (IPMAN) and Major Oil Marketers Association of…

Source: Thisday Newspaper