Oil and Gas sector experts has advised the Federal Government to remove subsidy on Petroleum products as it won't have an adverse effect on the prices of the products.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had told journalists in Abuja recently that Buhari had allowed the fuel subsidy to continue because of his magnanimity.
Industry experts stressed that the fall in the global prices of crude oil had presented the best opportunity for the President to stop the subsidy regime.The President, Nigeria Association of Energy Economics, Prof. Adeola Adenikinju, said, “The price of crude oil has fallen to as low as $40 per barrel “The fall in price has provided the government the best opportunity to remove subsidy now.”
When told that the President had expressed concern that the removal of subsidy might result in a hike in the price of petrol and hardship for majority of Nigerians, the professor said, “The price of crude oil has fallen so low that even if subsidy is removed now, its removal will not have any considerable effect on the price of petrol. It will not cause a serious increase in petrol price and the cost may not exceed N100 per litre.
No comments:
Post a Comment