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AA Rano Selling Fuel For 400/Litre? Fresh Fact Emerges
AA Rano Selling Fuel For 400/Litre? Fresh Fact Emerges
New information has surfaced regarding the unconfirmed reports about Alhaji Auwalu Abdullahi Rano, the founder of AA Rano Group, allegedly selling fuel for 400 per litre in Kano State. CONTINUE READING
Earlier today, various social media propagandists peddled fake news of AA Rano selling fuel at a cheaper rate than others.
Although the company via their Facebook page revealed nothing of such occurred at any filling station across the country.
According to Bushradiogist, recent findings indicate that it is unlikely for fuel to be sold below N450 per liter given the current dollar rate. To achieve a price of N400 per liter, the exchange rate would need to be around $1=N600, which would require a significant appreciation of over 21%. The current exchange rate stands at N760, making it a challenging scenario.
Furthermore, for pump prices to decrease, it would also require a drop in the global price of crude oil below the $80 per barrel mark. While consumers may celebrate lower pump prices, this could pose a challenge for the Nigerian government, as approximately 80% of revenue is derived from crude oil sales.
Written By Oshiobugie Omo-Ikirodah
Source: Bushradiogist
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