President Muhammadu Buhari says Nigeria cannot sustain its “low” pump prices of petrol amid shrinking revenue and poor foreign exchange earnings.
The president said this in his address on the occasion of Nigeria’s 60th independence anniversary on Thursday.
Mr Buhari said Nigeria suffered a significant drop in foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities as a result of the Covid-19 pandemic.
These developments, he said, led to a 60 per cent drop in government revenue.
“In this regard, sustaining the level of petroleum prices is no longer possible,”
“The government, since coming into office has recognized the economic argument for adjusting the price of petroleum. But the social argument about the knock-on effect of any adjustment weighed heavily with the government.
Petrol may cost more in South-East unless FG fixes Enugu depot — IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN), Enugu depot, has warned that petrol may cost more in the South-East, should the Federal Government fail to reactivate the Emene depot.
The Chairman of Enugu depot of the association, Mr Chinedu Anyaso, disclosed this in an interview with newsmen in Awka on Friday. Anyaso said that the depot had been lying moribund since 2005. He was reacting to the increase in the pump price of petrol and the challenges faced by marketers in the zone.
FG mulling auto-gas as alternative to petrol – Osinbajo
In a determined effort to offer Nigerians an effective option to petrol, the federal government will focus on developing Compressed Natural Gas otherwise known as auto-gas, which is priced significantly lower than PMS.
Vice President Yemi Osinbajo stated this during a virtual interactive session hosted by the Africa Report magazine on Thursday.
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