Fuel Hike: Why Nigeria must emulate Brazil – NIPR

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The Nigerian Institute of Public Relations (NIPR), Kwara chapter,  has urged  the Federal Government to rescind its decision on  new prices of petrol and  electricity tariff.

The NIPR made the plea in llorin on Thursday in a statement jointly signed by its state  Chairman, Dr Saudat AbdulBaki, and Secretary, Alh. AbdulRahman Sanni

According to it, the plea  becomes imperative in view of the hardship currently bedeviling most Nigerians.

The NIPR said the need to revert to the old rates became imperative to demonstrate to Nigerians that the federal government is responsive to their yearnings.

It observed that most Nigerians had been finding it increasingly difficult to survive due to inflation and effects of the COVID- 19 pandemic ravaging the entire world.

The institute urged the federal government to overhaul the nation’s oil and power sectors by disposing of the country’s four Refineries which it observed, were bleeding the nation’s treasury.

The NIPR  noted that liberalisation of the oil sector like Brazil, would attract investors who would  build small and medium refineries to provide healthy competition to the 650,000 barrel per day currently being produced.

It also advised the federal government to revisit the privatisation of the power sector  rather than  new tariffs.

The News Agency of Nigeria (NAN) reports that the Petroleum Products Marketing Company (PPMC), on Sept. 2, announced a new Ex-depot price of N151.56 for petrol.

Ex-depot price is the price marketers buy products from depot owners and an increase or reduction in ex-depot price determines the pump price of petrol by marketers.

Going by the prevailing market fundamentals, the pump price of petrol is now between N158 and N162 per litre in the country.

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