…Experts cite high oil prices, logistics costs, corruption
…System breeds corruption, smuggling to other countries —EnergyHub
…Calls for deregulation, implementation of PIA
…Reps to sanction agencies for stalling investigations into fuel consumption rate
By Udeme Akpan, Energy Editor, Levinus Nwabughiogu & Obas Esiedesa, LAGOS
As Nigerians continue to groan nder the severe impact of the lingering fuel scarcity, amid raging controversy over huge subsidy costs, investigations revealed a combination of higher oil prices, skyrocketing logistics costs and corruption led to a gargantuan 989 per cent increase in the average monthly fuel subsidy cost in seven years.
This is even as the House of Representatives yesterday threatened to sanction critical agencies of government in the oil and gas sector for failing to appear before its committee investigating the rate of daily consumption of fuel in the country.
Fuel subsidy jumps skywards
Vanguard checks…
Source: Vanguard Newspaper
