How Fuel Price Can Be Reduced To N300 Per Litre – Agbakoba

Dr. Olisa Agbakoba, the former President of the Nigerian Bar Association (NBA), has shared his point of view on how fuel prices can be cut in half.

Freshreporters News reports that fuel is currently selling at N600 per liter, and Agbakoba believes there’s a way to bring it down to N300.

His proposal has to do with the Nigerian National Petroleum Corporation (NNPC) selling crude oil to modular refineries within the country at a fixed naira price.

When such practice is consistently carried out Agbakoba believes that the cost of fuel would visibly be decreased. He emphasized the need for the government to establish a national crude oil scheme for local consumption to achieve this goal.

Agbakoba pointed out that as long as the NNPC continues to sell crude oil at the international market rate, the price of fuel will remain high.

He challenged the NNPC to adopt this new approach and suggested that if they were to sell crude oil to local modular refineries in naira, fuel prices could indeed drop to N300.

He also highlighted that selling crude oil to these refineries in dollars contributes to the rising prices, as it forces them to source foreign exchange (forex) for purchasing and then selling the fuel in naira, which ultimately leads to price hikes.

Agbakoba expressed the importance of the federal government making the right decisions to alleviate the suffering of the people by addressing the issue of fuel prices…[CONTINUE READING HERE]>>