Politics
The Federal Government Is Continuing To provide A subsidy For petrol, According To PENGASSAN.
Osifo, who also serves as the President of the Trade Union Congress (TUC), asserted this during an interview on Channels TV…CONTINUE READING
As a reminder, President Tinubu, in his inauguration on May 29th, declared the end of the subsidy era, which led to an increase in the cost of petroleum products nationwide.
However, Osifo explained that due to the prevailing cost of crude oil in the international market and the exchange rate between the dollar and the naira, the government continues to provide a subsidy for petroleum products.
He stated, “In actuality, there is still a subsidy being paid today. When the previous price was determined, the international market price for crude oil was around $80 per barrel. But presently, it has risen to approximately $93-94 per barrel for Brent crude. Consequently, the petroleum product prices needed to adjust accordingly.”
Osifo further clarified that the only circumstance where the prices would not change is if the government effectively manages the exchange rate and successfully increases the supply of petroleum products to reduce the exchange rate.
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