Politics
Agbakoba Explains How Fuel Price Could Potentially Be Slashed To N300 per Liter.
Agbakoba suggested that if the Nigerian National Petroleum Corporation (NNPC) were to supply crude oil to domestic modular refineries within the country at a local currency price, it could significantly reduce fuel prices…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
During an interview with Vanguard about fuel prices, Agbakoba stressed that the federal government should establish a national crude oil scheme for domestic consumption.
He argued that as long as NNPC continues selling crude oil at international market rates, fuel prices will remain high.
He proposed that by selling crude oil to local modular refineries in the country at a fixed Naira price, the price of Premium Motor Spirit (PMS) could be reduced by half, potentially dropping to N300 per liter.
Agbakoba challenged NNPC to attempt this approach, as he believed it would lead to a notable reduction in fuel prices.
However, if crude oil is sold at international market rates and local sellers have to source foreign exchange to purchase and then sell in Naira, it will inevitably result in higher prices, as they would need to compensate for the forex costs.
Agbakoba emphasized the importance of the government making decisions that benefit the people and alleviate their hardships.
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