According to Premium Times, numerous Nigerian National Petroleum Company Limited (NNPC Ltd.) locations in Lagos and Abuja saw an increase in petrol pump prices on Wednesday, reaching N998 and N1,030 per litre, respectively.
The latest event transpired following the NNPC’s resolution to terminate its exclusive procurement contract with Dangote refinery.
The director of CPPE, Muda Yusuf, in a signed statement, said that the Nigerian economy is not ready for complete deregulation and market principles.
He asserted that political, social, and economic factors influence policy decisions.
Yusuf said:
Yusuf said before introducing the increase in fuel prices, it would have been preferable to wait for the suggested mitigating measures to take effect and gather traction.
Yusuf suggested capping the customs duty exchange rate at N1000 per dollar in order to lower the currently exorbitant cost of imports.
TimesNow.com.ng earlier reported that an expert in the oil and gas industry asked the Nigerian Midstream and Downstream Petroleum Regulatory Authority to resist pressure, arguing that the country was not ready to stop importing refined petroleum products.
This came after the NMDPRA chief executive, Farouk Ahmed, made accusations that the Dangote refinery wanted him to stop granting licenses for petrol imports, which prompted the experts to make this statement.
According to Ahmed, he turned down the request to prevent monopolies and guarantee national energy security.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
