Fuel Price Adjustment Sparks Controversy in Nigeria as Petrol Marketers Blame Dangote’s Advocacy
In a recent interview, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association (PETROAN), revealed that Nigerian President Bola Tinubu has adopted the advice of Aliko Dangote, President of the Dangote Group, in implementing the total removal of petrol subsidy. This decision has sparked controversy, with fuel pump prices increasing to N1,030 from N897, making it the third hike in two months.
Gillis-Harry attributed the recent fuel price adjustments to the implementation of the Petroleum Industry Act, which deregulates the oil and gas sector. He believes that this move is in line with Dangote’s call to remove fuel subsidy completely and deregulate the downstream sector. This statement is a departure from the previous stance of some experts, who have argued that the government should maintain the subsidy to mitigate the impact of rising fuel prices on low-income households.
However, not everyone is convinced of the wisdom behind this decision. The Nigeria Labour Congress (NLC) has condemned the hike in fuel prices, while the Centre For the Promotion of Private Enterprise (CPPE) has expressed concerns about the country’s readiness for full-scale deregulation of the petroleum industry.
As the debate surrounding fuel prices continues, it remains to be seen how the government will navigate the complex issue. Will the total removal of petrol subsidy bring about greater market efficiency, or will it disproportionately affect vulnerable members of society? Only time will tell.
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