April 20, 2024 5:50 am
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Sule Reveals Shocking News: Petrol Prices Skyrocket to Over N1,000 per Litre in West African Nations

Nasarawa State Governor Says Crude Oil Prices Will Determine Petrol Pump Price in Nigeria

According to Governor Abdullahi Sule of Nasarawa State, the price of petroleum in Nigeria will be determined by crude oil prices, noting that some West African countries sell the product for over N1,000 per litre.

Since President Bola Tinubu declared the end of the subsidy era, there has been an increase in the price of petrol in Nigeria. The price of the commodity has risen from around N190 per litre to between N600-N700 in many parts of the country.

Governor Sule, in defense of the government amidst backlash and criticism over the price hike, explained that due to deregulation, Nigeria no longer has control over the pump price of petrol.

He stated, “You cannot determine the price of a product you don’t have. Today, we are importing. If we are importing, so many things can happen in the world market today. If there is some kind of crisis in the Middle East, if the price of crude jumps to somewhere around maybe $200 per barrel, this N600 [price for a litre of petrol] will jump.”

He further added, “Around the year 1999, 2000, and the rest of that, the price of crude was as low as $10 per barrel. If it goes to that, then the price of this product will come down to less than N100 per litre. It is a situation of a product we don’t have. If you don’t have, you can’t control price. That is the meaning of deregulation.”

Furthermore, he highlighted, “Well for your information, in other countries around West Africa, there are places where it is over N1,000 per litre.”

Governor Sule Discusses the Proposed N8,000 Federal Government Palliative

Governor Sule also addressed the criticism surrounding the proposed N8,000 Federal Government palliative, which was introduced due to the discontinuation of the subsidy.

He defended the move, stating that the money would go a long way for many families in the country. He said, “We were sharing only N5,000, and believe me, there were so many people waiting for that N5,000 every month. Indeed, some communities were able to make contributions and do a lot in their various communities.”

Governor Sule emphasized, “So, N8,000 may not be so much money to some people, but it is a lot to so many other people who come from very poor families that don’t see N8,000 every month. So, the only thing is that let us identify those families.”

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