we have been abreast with News making the rounds that Fuel Subsidy is over but in the last few days News reaching us at Peoples Digest shows that we are far from the truth keeping up with that school of thought.
The Nigerian National Petroleum Corporation (NNPC) had been selling petrol at N145 a liter, but on Thursday, November 3, the price rose to N150 in the Federal Capital Territory, Abuja and the surrounding areas as private marketers based on the rumors making the rounds plan to hike petrol prices.
Earlier this week, Nigeria's petroleum minister Ibe Kachikwu Responding to news that the petrol pump price had increased, announced over the weekend that he was not aware of such an increase and would review the pricing template.
culled from SaharaReporters; Sources revealed that the federal government would likely not increase the petrol price due to its fear that doing such would trigger mass protests, as it did in 2012. On Monday, the Nigeria Labour Congress had also advised the Nigerian government to not increase the petrol price, hinting that such an increase could result in civil unrest.
We also gathered from the above source that the federal government has been quietly subsidizing crude oil at N28 per liter to keep the fuel price low. The subsidy, however, means that Nigeria has less crude oil to sell, and Nigeria relies on exporting crude oil abroad in order for it to be refined into petroleum products that are then sent back into the local market.This spells the return of the subsidy on Petroleum products President Muhhammed Buhari said had been revoked and become a thing of the past.
This is not the first time that the Government of President Muhhammed Buhari has done one thing while saying another, yet we cannot conclude until we hear directly from him or those responsible for the importation and sales of these products which remains the Nigerian National Petroleum Corporation (NNP) who is solely in charge of importing petroleum products in Nigeria at the moment
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