Despite the fall in global crude oil prices, its harsh impact on Nigeria’s revenue and the current petrol scarcity in many cities, the Federal Government is still subsidising by N10.58 for every litre of the product consumed across the country, latest figures from the Petroleum Pricing Regulatory Agency have shown.
This is coming as fuel scarcity in Abuja and neighbouring states of Kaduna and Nasarawa continued on Monday. The queues by motorists at the few filling stations that had the product to sell stretched farther than they were previously.
Experts in the oil and gas sector have urged President Muhammadu Buhari to stop subsidising petrol, explaining that aside from the fact that it would check the illegalities in the system, the removal of subsidy would also help address the issue of fuel scarcity.