Domestic Consumption
Petrol price hike a move to end subsidy regime – expert
AHA Taxis Nigeria’s first professor of the Capital Market and former Imo State Finance Commissioner, Prof Uche Uwaleke, on Wednesday described the hike in petrol price from N123.50k/litre to a price band of N140.80 to N143.80 as an indication that the Federal Government was ready to gradually exit the fuel subsidy regime. The Petroleum Products Pricing and Regulatory Agency (PPPRA), in a memo to oil marketers on Wednesday, said that the upward review of petrol price stemmed from existing market realities which were taken into consideration before the new pump price was released. Prof Uwaleke told newsmen that exiting the subsidy regime was necessary in view of plummeting government revenue and the pressure on government finances occasioned by COVID-19. ‘Fortunately for the Nigerian economy...
