New Petrol Prices Surge as CPPE Rejects Fuel Subsidy

Motorists in Nigeria are currently facing petrol prices ranging from N1,400 to N1,450 per litre, following a series of price increases. The Centre for the Promotion of Private Enterprise (CPPE), under the leadership of Chief Executive Officer Dr. Muda Yusuf, has rejected calls for the reinstatement of a universal fuel subsidy, arguing that it would be fiscally damaging and economically unsound.

A policy brief from CPPE acknowledged the hardship caused by rising petrol prices, which previously averaged N1,300 per litre. Yusuf emphasized that the focus should shift from restoring subsidies to how governments can effectively utilize the revenues generated from their removal.

He called for significant investments in mass transit, rail freight, and logistics to reduce transportation costs, as well as the promotion of alternatives like Compressed Natural Gas and solar energy. Yusuf also highlighted the pressures on micro, small, and medium-sized enterprises due to rising costs in energy, transport, and financing, advocating for structural economic improvements rather than a return to previous subsidy regimes.