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Brace for N750/Litre petrol when subsidy is removed – IPMAN stakeholders tell Nigerians as FG prepares to deregulate oil sector As the federal government prepares to completely deregulate the downstream sector of the Nigerian oil and gas industry in the coming months, stakeholders in the sector have asked Nigerians to be ready to pay as much as N750 per litre of petrol at filling stations, Thisday reports. The stakeholders made this known during an online workshop, with the theme, “Deregulation of the Nigerian Downstream Sector: The Day After” over the weekend. Recall that the Minister of Finance, Budget and National Planning, Zainab Ahmed, recently hinted that it would end the wasteful petrol subsidy regime before the end of President Muhammadu Buhari’s tenure on May 29, 2023. Speaking at the session, the National President of IPMAN, Chinedu Okoronkwo, who was represented by IPMAN’s National Operations Controller, Mike Osatuyi, revealed that the marketers were in full support of the government’s plan to embark on full deregulation of the downstream sector. Okoronkwo warned Nigerians to prepare to pay up to N750 for every litre of petrol after the full implementation of the subsidy removal. He, however, pointed out that the projected pump price was likely to drop to around N500 if the government encouraged the Central Bank of Nigeria (CBN) to provide foreign exchange for marketers at the official rate. Okoronkwo also urged the government to channel expected savings from subsidy removal to the provision of palliatives for the masses. He advised the government to be alert and sensitive to resentment from Nigerians. by Linda Ikeji at 27/03/2023 7:50 AM | 6 Comments Share this Story Most Read Stories Actress Akingbemisola Dorcas Anjola dies after battle with Ovarian Cancer Convicted Nigerian fugitive, Florence Onyegbu, extradited to the US over illicit payment Blac Chyna reveals she quit ‘degrading’ OnlyFans and reversed plastic surgery because ‘God wouldn’t want me doing it’ Victoria Inyama reacts to BBNaija’s Whitemoney raining abuses on her for referring to his mother while addressing a comment he made about women PSquare brothers acquire properties abroad (photos) “Good girl no dey pay. No more good girl” Singer Niniola says as she is served “better breakfast” Motorist zooms off with LASTMA official who jumped into his car (video) Labour party guber aspirant in Imo state, Humprey Anumudu, found dead in his Lagos home Gov. Sanwo-Olu rejects court order to pay N5m to cab driver tortured during EndSARS memorial Organ Harvesting: Senator Ekweremadu, wife and their doctor to be sentenced on May 5 Staying in Lagos as a Biafran and challenging me to come home is the definition of confusion – Simon Ekpa tells those asking him to return to Nigeria Update: Labour party supporter arrested in Anambra and flown to Abuja tenders public apology to businessman, Emeka Offor (video) PreviousNext Comments(6) Disclaimer Comments expressed here do not reflect the opinions of lindaikejisblog.com or any employee thereof. Anonymous about 1 hour ago There was once a nation. Like this! 0Dislike this! 0Reply Njinkeonye Chimezie about 1 hour ago A cc clueless Government P O we need you Like this! 0Dislike this! 1Reply Humphrey about 1 hour ago So buhari want to nail Nigerians finally before leaving office? Like this! 0Dislike this! 0Reply Anonymous about 55 minutes ago This is why we need competent people in government and sensitive positions but sadly we still vote tribe and religion. Like this! 0Dislike this! 0Reply Anonymous about 53 minutes ago After paying this amount for petrol will this stop the corruption of politicians Like this! 0Dislike this! 0Reply Anonymous about 51 minutes ago The worst kind of leaders a Nation can have are not just corrupt leaders but a cabal, corrupt, selfish, evil-wicked and clueless leaders even in midst of abundant natural and human resources…that has been Nigeria’s position for a very long time. Our leaders have defiled all Democracy is about Like this! 0Dislike this! 0Reply Sign in Add your comment Anonymous Submit Comment Older Posts… Benue House of Assembly member-elect escapes death Aondona Dajoh, a Benue State House of Assembly member-elect for Gboko-West const … by Linda Ikeji at 24/03/2023 | 0 comments NAFDAC expresses concern over continued use of bleaching creams, says Nigerians make use of bleaching creams than others in Africa The National Agency for Food and Drug Administration and Control (NAFDAC) has ex … by Linda Ikeji at 24/03/2023 | 0 comments President Buhari never said he won’t hand over to Tinubu – Presidency The Presidency has denied reports claiming President Buhari is unwilling to hand … by Linda Ikeji at 24/03/2023 | 0 comments Native doctor slaughters mad man during treatment in Adamawa The police in Adamawa state has arrested a 48-year-old native doctor identified … by Linda Ikeji at 24/03/2023 | 0 comments Suspected herdsmen kidnap son of retired police officer and motorcyclist in Edo Gunmen suspected to be herdsmen have kidnapped one Benard Omafuaire, son of a fo … by Linda Ikeji at 24/03/2023 | 0 comments Staying in Lagos as a Biafran and challenging me to come home is the definition of confusion – Simon Ekpa tells those asking him to return to Nigeria Simon Ekpa, the self acclaimed de-facto leader of Indigenous People of Biafra (I … by Linda Ikeji at 24/03/2023 | 0 comments Update: Oyetola hints at heading to the Supreme court, says there are enough grounds for him to head to the Apex court Former Osun State Governor, Adegboyega Oyetola has disclosed that there is groun … by Linda Ikeji at 24/03/2023 | 0 comments If you fight, cause injury to someone and the person dies within a year, the law presumes you are the one that killed the person – Police spokesperson, Olumuyiwa Adejobi, educates Nigerians (video) The spokesperson of the Nigeria Police Force, Olumuyiwa Adejobi, has warned Nige … by Linda Ikeji at 24/03/2023 | 0 comments Four Lagos-based armed robbery suspects arrested in Ogun (photo) Operatives of Ogun state Police Command on March 13 arrested four members of a L … by Linda Ikeji at 24/03/2023 | 0 comments Teen killer Aiden Fucci sentenced to life in prison for stabbing 13-year-old cheerleader 114 times The Florida teen who stabbed a 13-year-old cheerleader when he was 14 years old … by Linda Ikeji at 24/03/2023 | 0 comments 5 killed, youth leader missing as gunmen attack Benue communities Obi Tylor Ibinta (killed) At least five people have been killed and a youth … by Linda Ikeji at 24/03/2023 | 0 comments Jay-Z’s net worth soars to $2.5 Billion Jay-Z has extended his lead as the richest rapper alive, with his net worth now … by Linda Ikeji at 24/03/2023 | 0 comments
As the federal government prepares to completely deregulate the downstream sector of the Nigerian oil and gas industry in the coming months, stakeholders in the sector have asked Nigerians to be ready to pay as much as N750 per litre of petrol at filling stations, Thisday reports.
The stakeholders made this known during an online workshop, with the theme, “Deregulation of the Nigerian Downstream Sector: The Day After” over the weekend.
Recall that the Minister of Finance, Budget and National Planning, Zainab Ahmed, recently hinted that it would end the wasteful petrol subsidy regime before the end of President Muhammadu Buhari’s tenure on May 29, 2023.
Speaking at the session, the National President of IPMAN, Chinedu Okoronkwo, who was represented by IPMAN’s National Operations Controller, Mike Osatuyi, revealed that the marketers were in full support of the government’s plan to embark on full deregulation of the downstream sector. Okoronkwo warned Nigerians to prepare to pay up to N750 for every litre of petrol after the full implementation of the subsidy removal. He, however, pointed out that the projected pump price was likely to drop to around N500 if the government encouraged the Central Bank of Nigeria (CBN) to provide foreign exchange for marketers at the official rate.
Okoronkwo also urged the government to channel expected savings from subsidy removal to the provision of palliatives for the masses. He advised the government to be alert and sensitive to resentment from Nigerians.
