Petrol to Sell for ₦750/Litre as FG Prepare to Deregulate Downstream Sector

The Federal Government is on the verge of deregulating the Nigerian oil and gas downstream sector in months to come.

To this effect, stakeholders within the sector is asking Nigerians to be prepared paying as high as ₦750.

During an online workshop held by the stakeholders themed: “Deregulation of the Nigerian Downstream Sector: The Day After”, they revealed that marketers were in full support of the government’s plan to embark on full deregulation of the downstream sector.

The National President of IPMAN, Chinedu Okoronkwo was represented by IPMAN’s National Operations Controller, Mike Osatuyi at the event.

Okoronkwo then warned Nigerians to prepare to pay up to ₦750 for every litre of petrol after the full implementation of the subsidy removal.

He was quick to clarify that the projected pump price was likely to drop to around ₦500 if the government encouraged the Central Bank of Nigeria (CBN) to provide foreign exchange for marketers at the official rate.

He also pleaded with the Federal Government to consider the plight of Nigerians and be sensitive to the masses.