The fuel price in Nigeria has always been a topic of great interest and discussion among its citizens. Recently, the Nigerian National Petroleum Corporation (NNPC) announced a new pump price for petroleum products, which has sparked various reactions and raised questions about the government’s role and actions especially as related to subsidies in petroleum products.
Only few marketers benefits from the subsidy largesse, as such taking it out will bring an end to a regime that has been froth with corruption and irregularities.
The monies that should go into subsidy payments will be diversified into other sectors of the Nigerian economy to hasten the growth.
It’s been only days since the subsidy regime came to an abrupt end – it feels like it’s been longer. This is because in the period, prices of petrol in neighboring countries have also gone up. Our smuggled yet subsidized petrol cannot enrich others no more.
With the forces of demand and supply clearly at work here, we can say bye to perennial fuel scarcity, a problem that has plagued Nigeria since antiquity.