The World Bank has stated that the Federal Government may still be paying for fuel subsidy, considering that fuel prices are currently not cost-reflective in the country.

It said the price of petrol should be around N750 per litre more than the N650 per litre currently being paid by Nigerians.

The bank’s Lead Economist for Nigeria, Alex Sienaert, revealed this during his presentation of the Nigeria Development Update, December 2023 edition titled, ‘Turning The Corner (from reforms and renewed hope, to results) on Wednesday in Abuja.

During the event, which is hybrid, he noted that based on the official exchange rate today, fuel should cost N750/litre.




He said, “It does seem like petrol prices are not fully adjusting to market conditions so that hints at the partial return of the subsidy, if we estimate what is the cost reflective of retail PMS price of the would-be and assuming that importation is done at the official FX rate.


“Of course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher. These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.

“We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”


He highlighted that the bank is recommending to the government to take additional measures with its bold reforms to secure the benefits from having taken those decisions.

More details soon…

https://punchng.com/petrol-price-should-be-n750-per-litre-says-world-bank/

Carry am go 2000 per litre

Mumoo

Evil at the high places

one White man said World Bank and IMF are designed to make sure African countries remain poor forever, and he is right 100 percent.


https://www.youtube.com/watch?v=ayyjBNFn8t4?feature=shared

treesun:
The World Bank has stated that the Federal Government may still be paying for fuel subsidy, considering that fuel prices are currently not cost-reflective in the country.

It said the price of petrol should be around N750 per litre more than the N650 per litre currently being paid by Nigerians.

The bank’s Lead Economist for Nigeria, Alex Sienaert, revealed this during his presentation of the Nigeria Development Update, December 2023 edition titled, ‘Turning The Corner (from reforms and renewed hope, to results) on Wednesday in Abuja.

During the event, which is hybrid, he noted that based on the official exchange rate today, fuel should cost N750/litre.




He said, “It does seem like petrol prices are not fully adjusting to market conditions so that hints at the partial return of the subsidy, if we estimate what is the cost reflective of retail PMS price of the would-be and assuming that importation is done at the official FX rate.


“Of course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher. These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.

“We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”


He highlighted that the bank is recommending to the government to take additional measures with its bold reforms to secure the benefits from having taken those decisions.

More details soon…

https://punchng.com/petrol-price-should-be-n750-per-litre-says-world-bank/

World Bank knows our leaders are imbeciles, anything they are told, they will implement.

Instead of this people to make things easier for Nigerians they are making it worst.

They should kukuma sell it N1000 per litre

World Bank

And the living wage should be??

The World Bank has stated that the Federal Government may still be paying for fuel subsidy, considering that fuel prices are currently not cost-reflective in the country.

It said the price of petrol should be around N750 per litre more than the N650 per litre currently being paid by Nigerians.

The bank’s Lead Economist for Nigeria, Alex Sienaert, revealed this during his presentation of the Nigeria Development Update, December 2023 edition titled, ‘Turning The Corner (from reforms and renewed hope, to results) on Wednesday in Abuja.

During the event, which is hybrid, he noted that based on the official exchange rate today, fuel should cost N750/litre.




He said, “It does seem like petrol prices are not fully adjusting to market conditions so that hints at the partial return of the subsidy, if we estimate what is the cost reflective of retail PMS price of the would-be and assuming that importation is done at the official FX rate.


“Of course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher. These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.

“We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”


He highlighted that the bank is recommending to the government to take additional measures with its bold reforms to secure the benefits from having taken those decisions.

More details soon…

https://punchng.com/petrol-price-should-be-n750-per-litre-says-world-bank/[/quote]

Dangote Refinery and NNPC refinery would change all that

Yes na. They have returned the so called subsidy them dey shout every now and then wey his yeye supporters dey hail him for it's removal. They have returned it back.

But the truth of the matter is that, before 2years time,fuel will be sold for about a thousand naira.

By then,His support base that has even gone lower currently will go the lowest

IMF and World Bank don`t want any African country to make reasonable progress that`s why they keep giving them loans with reckless abandon. They want us to keep begging them for survival.

Make it 1,000 Naira per litre. Nigerians are unserious.

This is called advanced racism. They're the reason we're in this mess today, all Buhari's monetary policy came from World Bank and IMF. Now they're into Tinubu's government. Until Nigeria's Economy is wrecked, they won't rest. They actually want to reduce our population by increasing cost of living since their pandemic release of diseases and indirect causing of terrorism and wars in some countries are not helping them with the death figures they tend to hit per year in order to control population. It will still not work.

why can't World Bank tell government to increase the minimum wage? Why is it that World Bank like inflicting pains on Nigerians? World bank asked them to remove fuel subsidy. They did. world Bank told them to devalue Naira. They did. Which kind World Bank be this?

For the slowpoke apc supporters world bank is actually saying your govt is scamming you

Where is Wole Soyinka ? Has placards finished in the market ?

They should kukuma approximate it to 1k per litre. Ndi ara.

I noticed there's scarcity of cash as some POS operators have increased their charges for withdrawal. Do we blame Emefiele for this or the new CBN governor is outrightly clueless?

World bank with their conditionalities. They keep giving condition in form of advice to get us more qualified to borrow more loans.
WorldBank,IMF and their likes don't have our interest or our government interest at heart,they only care about the accrued interest of their loan.

May ogun visit who ever made thus statement

Nonsense!

WORLD BANK IS MANIPULATING NIGERIA ECONOMY.

WORLD BANK IS MANIPULATING NIGERIA ECONOMY.

PETROL PRICE NOW SHOULD BE N500 PER LITRE AND SHOULD GO DOWN THE MOMENT PH & DANGOTE START SELLING.

They should mind their business.