(1) PIA as at today, does not support payment of fuel subsidy and FG has no power to fix the price of petroleum products.
(2) Russian Invasion of Ukraine, Would Continue To Cause An Increase In The Price Of Crude Oil At The International Market. Since Our Refineries Are Not Working And Getting FOREX Is A Challenge, Mustering The Financial Resources To Buy Refined Petroleum Products, Would Become A Huge Challenge And If The NNPC or Any Importer, Manages To Raise FOREX To Buy Refined Petroleum Products, How Do We Expect Them To Sell At A Loss, When The PIA (Until It's Amended) Already Threw The Market Open? It Is Common Knowledge That The Major Sources Of Revenue For The Federation Account Are; NNPC, FIRS, Customs And VAT. If NNPC Continues To Unlawfully Subsidize The Price Of PMS As The Organized Labour Demands, Revenue Coming To The Federation Account (For Monthly Sharing) From The NNPC, May Get To Ground Zero And The Three Tiers Of Government, Would Suffer Severe Consequences. In Summary, Nigerians Should Brace Up For More Fuel Crisis, If The Price Of Crude Oil At The International Market, Continues To Rise.
A Layman's Thought From Ebule Anthony Metsese, Good Morning Nigeria!
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