The federal government of Nigeria is considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates continue to rise.
According to a report, there is no final decision yet, however, the proposal is “firmly on the table” as Nigerians continue to groan under harsh economic realities following the removal of the petrol subsidy in May 2023.
A presidency official revealed that the “realistic” amount of petrol consumed in the country is now known following the removal of subsidy on Pres. Tinubu’s inauguration, hence the amount spent on subsidy “can now be controlled”.
On Monday, August 14, 2023, the Nigerian National Petroleum Company (NNPC) Limited said there are no plans to hike pump prices despite the rise in crude oil prices, landing cost, and fall in the value of the naira.
This is understood to be an option for Tinubu to keep the current prices, although private importers have not made a definite pronouncement on any possible adjustments.
But speculations around another increase in the pump price of petrol (currently at over N600) have caused tensions across the country, leading to panic buying in the early hours of Tuesday, August 15, 2023.
