Calls for Crude Subsidy in Nigeria Amid Petrol Price Surge

The recent surge in petrol prices in Nigeria has led to calls for the government to subsidize crude oil to shield consumers from the impact of rising global oil prices. Independent Petroleum Marketers Association of Nigeria (IPMAN) and other market players are urging the government, led by President Bola Tinubu, to consider subsidizing crude oil to prevent sharp increases in petrol prices.

Dangote Petroleum Refinery and local refineries are seeking subsidies to maintain stable fuel prices amidst fluctuating global oil prices. The Nigerian National Petroleum Corporation (NNPC) has adjusted petrol prices to around N849 per liter in response to the global oil price surge above $70 per barrel.

Market players warn that unless crude prices decline to around $60 per barrel, petrol prices in Nigeria could reach N1,000 per liter, especially in areas far from fuel depots. Fuel sales have slowed compared to the festive period, with consumers becoming more price-conscious.