By: on February 18, 2021
•Fuel price hike is an economic decision. But it comes with explosive social costs Predictably, the Federal Government is in a dilemma with the cost of crude oil climbing to about $60 a barrel in the international market. At that price, the landing cost of Premium Motor Spirit (petrol) rose to N179.67 per litre the penultimate Friday, from N158.53 per litre as at January 7. The pump price of petrol is usually determined after adding other costs, like freight (N8.74), lightering expenses (N...
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By: on January 25, 2021
“Leaders who don’t listen will eventually be surrounded by people who have nothing to say”—Bill Carney The Federal Government plans to increase fuel (PMS) prices in 2021. The plans are already in an advanced stage. In March 2020, the Federal Government asserted that it has deregulated the PMS market. However, the PMS market is not deregulated. PMS prices are determined by a bureaucratic Price Review Committee of the FGN. In September 2020, fuel prices and electric tariffs were increased. The ...
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By: on September 14, 2020
INCONSIDERATE as ever to the raging privations of the majority and the rapidly declining economy, the President, Major General Muhammadu Buhari (retd.), ambushed Nigerians by approving the suspended increase in electricity tariffs and the deceptive fuel price increase. To take effect from September 1, the notoriously inefficient electricity distribution companies are to charge customers higher, though graduated, rates. While cost-reflective tariffs are inevitable to cover costs and profit margin...
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