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Nairaland Forum / Nairaland / General / Politics / How Much Will Fuel Prices Be After Removal Of Subsidy In July? (940 Views)
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How Much Will Fuel Prices Be After Removal Of Subsidy In July? by DyshApp: 12:28pm On May 30, 2023 |
President Bola Tinubu said yesterday said that the era of petrol subsidy was gone, noting it was not sustainable. In a knee-jerk reaction to the confirmation of fuel subsidies removal by President Bola Ahmed Tinubu’s administration, marketers and operators have increased petrol pump prices to N210-N500 per liter. These price changes happened less than six hours after Tinubu’s announcement during his inaugural speech at Eagle Square, Abuja. In his inaugural speech, the President said since the immediate past President, Muhammadu Buhari, did not budget for fuel subsidies in the second half of the year, the payment is gone for good. Buhari had budgeted for fuel subsidies till the end of June, which implies that most fuel products available are still enjoying the subsidies regime. Mr. Mike Osatuyi, the National Operations Controller, of the Independent Petroleum Marketers Association of Nigeria, said that the pronouncement being part of his campaign promises is the first step towards Tinubu’s fulfillment of his campaign promises. According to the IPMAN boss, “The money used on subsidy will be diverted to develop other sectors. “That means Tinubu has begun to fulfill his campaign promises,” he said. Receive all the latest updates and Join our daily conversations as we discuss Nigeria and more(link in bio) So what do you think, How much will fuel prices be after the removal of the subsidy in July? |
Re: How Much Will Fuel Prices Be After Removal Of Subsidy In July? by Oppsin: 1:01pm On May 30, 2023 |
Make we dey see |
Re: How Much Will Fuel Prices Be After Removal Of Subsidy In July? by savcy(m): 1:13pm On May 30, 2023 |
Marketers estimate it to be around N500/liter, but that's a worst case scenario. With subsidy out of the way, government pressure on NNPC for revenue would ease a bit, and this would positively affect the price of the product. This is entirely my opinion though. 1 Like |
Re: How Much Will Fuel Prices Be After Removal Of Subsidy In July? by abhosts(m): 1:15pm On May 30, 2023 |
Diesel cost should be a good indicator. Deregulated AGO(Diesel) current costs ₦650 per litre so PMS(Petrol) should be somewhere in that range. |
Re: How Much Will Fuel Prices Be After Removal Of Subsidy In July? by DyshApp: 9:05pm On May 30, 2023 |
savcy: Don't you think that Dangote refinery will affect it? |
Re: How Much Will Fuel Prices Be After Removal Of Subsidy In July? by DyshApp: 9:09pm On May 30, 2023 |
abhosts: Some have estimate that it will be N700 or more, people might have to switch to a different power source |
Re: How Much Will Fuel Prices Be After Removal Of Subsidy In July? by tensazangetsu20(m): 9:10pm On May 30, 2023 |
700 to 800 naira a litre. That's the price in Benin, Togo, Ghana, Cameroon. |
Re: How Much Will Fuel Prices Be After Removal Of Subsidy In July? by DyshApp: 9:24am On May 31, 2023 |
tensazangetsu20: Ah! how have they been surviving, do they have an alternative for fuel or good electricity? |
Re: How Much Will Fuel Prices Be After Removal Of Subsidy In July? by tensazangetsu20(m): 9:27am On May 31, 2023 |
DyshApp: Electricity supply is very consistent in these countries. Hardly anyone uses generators. 1 Like |
Re: How Much Will Fuel Prices Be After Removal Of Subsidy In July? by DyshApp: 2:36pm On Jun 01, 2023 |
tensazangetsu20: No wonder, that would mean that fuel price only affects their transportation? |
Re: How Much Will Fuel Prices Be After Removal Of Subsidy In July? by tensazangetsu20(m): 3:05pm On Jun 01, 2023 |
DyshApp:Yep |
Re: How Much Will Fuel Prices Be After Removal Of Subsidy In July? by DyshApp: 7:34pm On Jun 02, 2023 |
But don't you guys think that the Dangote refinery might help stabilize the fuel price? |
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