Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Fuel Deregulation: Governors support deregulation of oil sector to end subsisdy

William Ukpe by William Ukpe
May 21, 2021
in Business News, Energy
Fuel Deregulation: Governors support deregulation of oil sector to end subsisdy
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Governors Forum disclosed that it fully supports the deregulation of Nigeria’s oil sector, which they say will end fuel subsidies and enable pump prices to be in line with global prices.

The NGF disclosed this in a statement on Thursday reported by Reuters, through Kaduna State Governor, Nasiru El-Rufai.

They revealed that the FG spending over N150 billion monthly on subsidy is unsustainable.

RelatedPosts

NNPC Ltd to disclose new asset base, will continue paying subsidy – Mele Kyari

Launch of new NNPC Ltd, a new beginning for energy industry in Nigeria – Kyari

READ: Federal Government spends N2.3 trillion on Subsidies in 3 years – PwC

Why this matters

Mele Kyari, NNPC’s Group Managing Director disclosed in March that Premium Motor Spirit, popularly called Petrol, should be between N211 and N234/litre and that means consumers are currently not paying the correct market price.

News continues after this ad


“NNPC importing PMS at market price & selling at N162/L. The actual market price should be between N211 and N234/L,” he said.

According to Mr. Kyari, the burden is costing the NNPC N120 billion monthly.

READ: Why prices of Iron Ore, others may rise soon

News continues after this ad


FG’s response

The federal government indicated in April that it may have suspended plans to end its subsidy payments as reports cited that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

Related

Tags: Crude oil sectorMele KyariNigerian Governors Forum

Leave a Reply Cancel reply

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

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Consumer Goods-led sell-off sees NGX start the week shedding N19 billion
    • Banks, organised private sector seek increased forex allocation to real sector
    • Oil prices slump by 5% on weak China economic data, expected Iran supply

    Follow us on social media:

    Recent News

    EFG Hermes, Impact of COVID-19 pandemic on consumer packaged goods in Nigeria

    Consumer Goods-led sell-off sees NGX start the week shedding N19 billion

    August 15, 2022
    Banks warn customers against violation of CBN forex directives

    Banks, organised private sector seek increased forex allocation to real sector

    August 15, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com