The crises hampering operations in the oil sector linger as Nigerians continue to lament the ripple effect of high pump prices.
ive months after the Bola Tinubu administration removed subsidy on petrol, major crises bedeviling the petroleum sector continue with ripple effects on the livelihood of Nigerians.The Nigerian government had for decades subsidised and fixed retail prices of petroleum products.
The pronouncement was trailed by panic buying and gridlock across filling stations in many parts of the country, even as regulatory bodies called for calm amid the chaos.The NNPCL Group Chief Executive Officer, Mele Kyari, explained that with the deregulation of the oil sector, market realities will force the price of petrol up sometimes and at other times force it down.
“The value of this cargo here, you cannot find it in the market just like that. It is over $17 million, and you can’t, in any way, with what the FX is today. Today, we have imported 27 million litres of PMS, but local refining is the way forward for us in this country. The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed this while briefing journalists in Abuja after a closed-door meeting with the president.
Mr Osifo, who is also the president of the Trade Union Congress , one of Nigeria’s two largest workers union coalitions, while featuring on a Channels Television programme, Politics Today, said due to the cost of crude oil in the international market and the exchange rate, the government still pays subsidies on petrol.
In the midst of the uncertainties, many of the crises hampering smooth operations in the oil sector linger as Nigerians continue to lament the ripple effect of skyrocketed pump prices.
Speaking at the National Executive Council meeting of the Natural Oil and Gas Suppliers Association of Nigeria in October, Benneth Korie, the national president of the association, said many petroleum products depots are currently deserted due to a lack of products caused by foreign exchange rate volatility.
Recently, due to global economic uncertainties, crude oil prices have fluctuated, with direct impacts on the retail petroleum product prices.
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