Petrol Price Will Rise To N1,000 Per Litre When Petrol Subsidy Ends
The Department of Petroleum Resources says the pump price of petrol in Nigeria may rise up to as much as N1000 per litre when the petrol subsidy regime comes to an end without an alternative energy source.
DPR Director, Sarki Auwalu, stated this while responding to questions and comments generated by a paper he delivered in Lagos, recently, at the Second Quarter, 2021 Business Dinner of Petroleum Club Lagos.
Responding to the subsidy concerns and the disparity in the petrol consumption figures given by the Nigerian National Petroleum Corporation and the DPR, Auwalu acknowledged that Nigeria was spending so much on petrol subsidy.
He said eliminating it would require making alternative fuel available to Nigerians and that failure to do that could plunge Nigerians into paying higher petrol prices when subsidy is removed.