No Guarantee Petrol Price Will Stay At N165 ..Finance Minister, Zainab Ahmed

Petrol price in Nigeria will go higher from its present N165 if the price of crude keeps going up, Zainab Ahmed, the finance minister has said.

Zainab spoke on Monday during her contribution in an interaction arranged by the Presidency Media team and State House reporters.

According to the Minister of Finance, Budget and National Planning, the Federal Government will allow the prices of petroleum products to be determined by the market forces in line with the deregulation of the oil sector.

“We simply cannot afford the subsidy, we don’t have the money to pay for subsidy”, she said.

“We do recognise that there will be some increased hardships on a segment of the society. But we are looking at how to address that,’’ she added.

In another report published by Reuters, Ahmed called the rising price of crude a “double-edged sword,” as the Federal Government seeks a deal with Organised Labour over fuel prices.

She said the central government forecasts an optimistic outlook on the rising crude prices.

But simultaneously, it must deal with the “tussle” with Labour over subsidies and rising local prices of fuel.

According to her, the rising oil price is a double-edged sword for Nigeria.

While it boosts revenue, it creates fuel price headache at the same time.

Oil prices are averaging around $64 per barrel, above the $40 per barrel projected in the N13.6 trillion ($35.74 billion) budget document.

Early in March, the Petroleum Products Pricing Regulatory Agency (PPPRA) created national uproar, when it released the price template for petrol for the month.


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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