By Emmanuel Kwada
The Federal Government of Nigeria has distanced itself from the recent fuel price hike, following the Nigerian National Petroleum Company Limited’s (NNPCL) announcement of a new price of N1,030 for Abuja and other regions.
In a statement, the government attributed the price increase to market forces, emphasizing that its removal of fuel subsidies earlier this year aimed to liberalize the petroleum sector and encourage competition. The government assured that funds previously allocated to subsidies would now support critical sectors such as infrastructure development, education, healthcare, and social welfare programs.
The government attributed the price increase to market forces, emphasizing that its removal of fuel subsidies earlier this year aimed to liberalize the petroleum sector
Industry stakeholders have criticized NNPCL for delays in operationalizing the Port Harcourt Refinery, exacerbating fuel scarcity and price hikes. Experts argue that refining capacity issues and dependence on imports contribute to price volatility.
The government’s decision has sparked debate, with some arguing that deregulation will attract investment and improve efficiency, while others express concerns about the immediate impact on consumers.
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