According to Musiliu Obanikoro, a former minister of state for defense, the federal government may be bridging the growing difference in the ultimate price of Premium Motor Spirit (PMS), popularly known as gasoline, between the US dollar and the Nigerian naira.
The leader of the All Progressives Congress (APC) believes that the federal government ought to be open and honest about whether or not the subsidy has been restored.
In his inaugural speech on May 29, 2023, President Bola Tinubu announced the end of the petrol subsidy era. Depending on the region of the country, the price of this necessary good now ranges between N184 to over N600.
The foreign exchange rate has also completely collapsed by the new government, with the naira exchanging at nearly $1/1500 at the moment, down from over $1/N700 in May of last year.
Numerous stakeholders in the downstream industry, particularly those engaged in the marketing and distribution of petroleum products, have bemoaned the fact that the fluctuating value of the naira in relation to the dollar has a substantial impact on the product’s pump price. A few of them had gone on strike and threatened to raise the commodity’s price.
