• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Politics

NEC in discussions with NNPC regarding petrol prices

Onome Ohwovoriole by Onome Ohwovoriole
February 16, 2018
in Politics
PMS, petrol scarcity

Fuel queues at a petrol station.

Share on FacebookShare on TwitterShare on Linkedin

The National Economic Council (NEC) has opened deliberations with the Nigerian National Petroleum Corporation (NNPC) over petrol prices in the country. Mohammed Abubakar, Bauchi State governor disclosed yesterday.

NEC was established in 1999, and the current council inaugurated by Vice President Yemi Osinbanjo. Membership of the council comprises the 36 state governors, the Central Bank of Nigeria (CBN) Governor and other government officials

Nigeria has been caught in the throes of fuel scarcity across the country, despite the large volumes of petrol imported by the NNPC. This has made NNPC the sole importer of petrol in the country, but it currently lacks the distribution network, compared to major and independent oil marketers.

RelatedStories

National Economic Council launches ‘Nutrition 774’ initiative to tackle malnutrition nationwide

National Economic Council launches ‘Nutrition 774’ initiative to tackle malnutrition nationwide

February 21, 2025
“There will be political consequences”, Ndume warns Tinubu over the relocation of CBN, FAAN

Tax reform: Ndume insists on withdrawal of controversial bills   

November 29, 2024

Smuggling of petroleum products across the nation’s borders has also flourished due to the huge price differential compared to neighbouring countries, and porous borders. Petrol prices in neighbouring Chad and Niger are twice the costs in Nigeria.
.

Why NEC may be pushing for an increase

Though the government has shied away from using the word subsidy, (Minister of Finance Kemi Adeosun at a post-FEC conference called it an underecovery), official petrol prices in the country are currently below landing cost.

Indirectly, this affects the revenue available for sharing by the three tiers of government. An increase in price would thus free up more money for the state and local governments.

The Executive may be unwilling

The executive arm of government may be unwilling to increase petrol prices having done so by 67% in 2106 from ₦87 to ₦145. Doing so would create a negative image which could damage chances of retaining power. An increase would most likely take place after the 2019 general elections.

Middle ground

In order to satisfy all parties, the government could decide to search for a means of reducing the expenses by the NNPC on importing fuel.
Asides that, it could offer tax incentives or a special FX window to enable major marketers to resume importation.


Follow us for Breaking News and Market Intelligence.
Tags: NECNews Reviewpetroleum price
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

National Economic Council launches ‘Nutrition 774’ initiative to tackle malnutrition nationwide
Health

National Economic Council launches ‘Nutrition 774’ initiative to tackle malnutrition nationwide

February 21, 2025
“There will be political consequences”, Ndume warns Tinubu over the relocation of CBN, FAAN
Economy

Tax reform: Ndume insists on withdrawal of controversial bills   

November 29, 2024
Senator Ali Ndume,
Economy

New tax bills are ‘dead on arrival’ in NASS – Sen. Ndume 

November 6, 2024
Economy

Tinubu rejects NEC’s proposal to withdraw tax bill, urges Council to follow ‘legislative process’ 

November 1, 2024
Nigeria’s National Economic Council recommends withdrawal of tax reform bill 
Economy

Nigeria’s National Economic Council recommends withdrawal of tax reform bill 

October 31, 2024
AfriGO announces a groundbreaking “First” – Upgraded AfriGO settlement process for instant credit to POS Merchants
Agriculture

FG to provide N3 billion to 36 states and FCT to mitigate effect of floodings 

August 25, 2024
Next Post
Pencom issues public notices on administration of Life Insurance Policy

Pencom issues public notices on administration of Life Insurance Policy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 
  • EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 
  • FG adopts front-of-pack labelling to tackle diet-related diseases and cut NCD deaths

Follow us on social media:

Recent News

AfDB, AI

Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 

July 16, 2025
EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics