Premium motor spirit, better known as petrol is expected to sell below N600 at the commencement of the federal government’s crude-for-naira initiative.
This assertion was made by Dr. Joseph Obele, the former executive chairman of the Independent Petroleum Marketers Association (IPMAN) in Rivers State who was on a television interview with News Central TV.
It would be recalled that a few months ago, the Federal Executive Council led by President Bola Tinubu approved the sale of crude oil to local refineries in naira and the purchase of petroleum products in naira.
The ministry of finance hinted that the sale of crude oil and refined petroleum products in naira officially commenced on October 1, 2024.
Giving his position on the crude-for-naira initiative, Obele insists that the some components which make up the pricing of petrol will be eased by the initiative.
Obele said:
Political and African Affairs analyst, Lanre Toluhi disagreed with Obele about the possible reduction in petrol pump price unless by government subsidy.
Toluhi said:
In September, the government explained that the naira-for-crude initiative would help ease pressure on the naira, reduce unnecessary transaction costs, and improve the nationwide supply of petroleum products.
However, to the disappointment of many Nigerians, the NNPC recently hiked petrol prices at its filling stations for the second time in less than two months.
In related news, TimesNow.com.ng earlier reported that the FG had directed the Nigerian Ports Authority to coordinate the plan to sell crude oil and petroleum products to the Dangote Refinery in naira.
As per the FG directive, a One-Stop Shop located at the NPA will coordinate service provision from all regulatory and security agencies and other stakeholders to ensure a smooth implementation of this initiative.
The team will collaborate and provide the efficiencies necessary to ensure the availability of petrol and other petroleum products.
Source: TimesNow.com.ng
