Analyst Predicts No End To Rising Prices Of Petroleum Products

By Adadareporters

Dr Ambrose Igboke, a commentator on national issues, Monday, said Nigerians should expect continuous rise in prices of petroleum products because the country has no refining capacity.

Dr Igboke

Igboke also said lack of ‘serious economic progress’ in Nigeria makes naira not to ‘significantly gain on the dollar’.

He stated this during a programme monitored by our reporter. In his words, “I
keep reiterating that the policy of subsidy removal was hasty and brutal. You cannot remove subsidy without having local refineries working; that is vodoo economics.

“Subsidy came because government failed in its responsibility to refine products locally. So, for subsidy to go, there must be refineries working to meet local needs.

“The government is not a profit organization but exists for the welfare of the citizen. Once this is not the priority of a policy, then we will begin to question the sincerity of purpose of those who govern us.”

Recall that President Bola Tinubu announced the removal of oil subsidy during his May 29 inaugural speech. He claimed that it was not contained in this year’s budget.

His statement sparked the rise of PMS from around N230 to its present N617, a development that has increased Nigeria’s inflation rate geometrically.

Adadainfo is an online newspaper reporting Nigerian news. Email: Phone: 08071790941

Leave a Reply