Stakeholders in the Nigerian oil and gas industry warn that consumers should brace up to pay N750 per litre for petrol as the Federal Government prepares to fully remove subsidy in the coming months.
This information was revealed during an online workshop themed “Deregulation of the Nigerian Downstream Sector: The Day After,” with participants including representatives from various industry bodies such as ARDA, NMDPRA, MOMAN, DAPPMAN, IPMAN, NRL, PETROAN, FCCPC, PwC, and CITAC Africa.
During the workshop, stakeholders stressed the importance of the government addressing the challenges facing the sector, while expressing their full support for the planned full deregulation.
The National President of IPMAN, Mr. Chinedu Okoronkwo, warned that the projected pump price of petrol could rise to N750 after the full implementation of subsidy removal, but could drop to around N500 if the government provided foreign exchange for marketers at the official rate.
Okoronkwo also urged the government to allocate expected savings from subsidy removal to the provision of palliatives for the masses and to be aware of public backlash.