Will You Support Another Fuel Price Increase?
The Nigerian Senate a fortnight ago passed the Petroleum Industry Governance Bill.
An essential feature of the bill will be the introduction of 5% levy on every litre of fuel sold in Nigeria.
This will likely lead to increase in the price of the product, an outcome, Nigerian oil marketers believe Nigerians would not support.
According to the Independent Petroleum Marketers Association of Nigeria, while oil marketers may not kick against plans to increase the price of fuel, such a move will face resistance from the masses.
IPMAN members form the largest number of filling station owners across the country, as the association claimed that over 70% of petrol retail outlets in the downstream oil and gas sector were being run by its members.
At the plenary last Wednesday, the Senate passed the harmonised version of the PIGB, which seeks to unbundle the Nigerian National Petroleum Corporation and merge its subsidiaries such as the Department of Petroleum Resources and the Petroleum Products Pricing Regulatory Agency into one entity.
The proposed law seeks to establish the Petroleum Equalisation Fund “into which shall be paid all monies payable to the Equalisation Fund,” including a 5% fuel levy “in respect of all fuel sold and distributed within the federation, which shall be charged subject to the approval of the minister of petroleum resources.”
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