Naira-for-crude: Petrol price hike looms as talks drag, imports rise

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As talks continue to drag on between the Nigerian government and oil marketers there is a looming possibility of a hike in the price of petrol due to the increase in imports and the value of the naira against the US dollar. The governments plan to peg the naira at 380 to the dollar for fuel imports is facing resistance from marketers who argue that it is not feasible. This delay in reaching an agreement could lead to a rise in petrol prices which would have a significant impact on the already struggling economy and the daily lives of Nigerians.

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Discussion Points:

Responses
  • 1) As talks continue to drag between the Nigeria Government and oil marketers, there is a looming possibility of a hike in the price of petrol due to the increase in imports duty, value of naira against the dollar and the Dangote's refinery suspension of sale of petroleum products in naira to local marketers. Don't you think it high time the government, marketers and Dangote find a common resolution and lasting solution to the oil problem in the country?
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  • 2) In the past weeks, the pump price of petrol fell to an average of N860 naira per litre from about a thousand naira in January. The Dangote refinery has crash the pump price a multiple times in an attempt to make it affordable for Nigerians. With Dangote's products now breaking into the international market and its suspension of sale of petroleum product in the naira-for crude saga with the government, it is clear who is on the side of Nigerians now. Do you think the government should strike a deal with Dangote to avoid the imminent rise in petroleum products in the coming days?
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  • 3) The federal Government last year said, the naira-for crude transaction would help to enhance the economic sovereignty and strengthen the local currency amidst it loss of value to dollars and other foreign currency when striking the deal with Dangote last year. What do you think could have led to the suspension of the deal?
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27 Mar

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27 Mar

6 Days

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