₦airaland Forum

Group Managing Director, Rainoil Ltd, Gabriel Ogbechie, has asked Nigerians to prepare to pay full market prices for petroleum products as a result of the full deregulation of the downstream sector.

After President Bola Tinubu announced that the subsidy was gone, the pump price of petrol rose from N198 to N545 per litre, and the Nigerian National Petroleum Corporation Limited (NNPCL) regulated pump prices at its outlets nationwide.

But two weeks ago, NNPCL exited its middleman role, forcing the pump price of fuel to sell between N998 and N1,250 per litre.

While appearing on Channels Television’s Business Morning on Tuesday, Ogbechie lauded Tinubu’s decision on the removal of fuel subsidy, saying that it allowed for healthy competition in the downstream sector.

“President Tinubu did the right thing by saying the subsidy was gone. He removed the subsidy and then we saw the price of petrol slide upwards.

“At some point, I think the government had to intervene to calm things down and then NNPCL went back to fixing the prices of petroleum products.

“But in October, we saw the government now saying such would not be allowed anymore, directing marketers to source their products and fix prices.

“I also don’t believe that the exchange rate has been floated. Every day you go to the market, it is now a willing buyer, willing seller situation.”

When asked if prices of petrol at the pump would continue to rise, he said; “The key thing is that deregulation is here to stay. Petrol is anything between N1000 and n1060 per litre towards the coast, and maybe N1300 as you go further north.

“As long as the price of crude oil keeps changing, as long as the exchange rate keeps changing, prices of petrol too will keep changing.

“If we see a massive drop in the price of crude oil, the price of petrol will also drop. If we see a drop or devaluation in the price of the exchange rate, there will also be a drop in the price of petrol. “Nobody can exactly tell you what will happen in the next six months. But Nigerians should just be ready to pay the market-determined prices for petroleum products.”

This is how Tinubu wants to force Nigerians to buy CNG. Imagine how much Seyi Tinubu and other Tinubu's family members would have invested in this CNG.

No smoke without fire they say.

Trekkers go too surplus for road soon

a product majority of Nigerians are using is what tinubu administration is refusing to regulate 😀 the effect of this wickedness will be massive we hope our transporters will be kind to boycott petrol and go for CNG because I don't have the resources to survive on if petrol price increases to 2000+

Lol 😂

This is a welcome development the crude oil should be sold to local people so that they can refine and use rather than so called independent markets giving a dying country more aggravating pains in addition to

Make them dey do am dey go.... I know this can't continue like this. What hppn in kenya go soon hppn in Nigeria soonest

If na joke, make una stop am. Na so una take start am with 1000 Naira, because we kept Quiet, You are pushing us to the wall.

Nigeria will burn. It will be the end of present day Nigeria. Let them try it

Sensational heading. Where in the write up did you see N2500?
Market determined price.

we are ready ooh just that it have not hit my prediction of 5000 while dollar hit 5000 too.it is slow.ok maybe before 2027 starboy will make it happen and take them to 10000 each before 2031 and beyond

SouthSouth1914:
Nigeria will burn. It will be the end of present day Nigeria. Let them try it

you mean your village head who owns a filling station is one of dem.

Bring it on...