FG Still Paying Subsidy for Petrol – PENGASSAN President Reveals

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In a recent revelation, Festus Osifo, the National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has asserted that the Federal Government of Nigeria is still paying subsidies on petroleum products. This statement was made during his appearance on Channels TV’s “Politics Today” show on Friday.

Osifo, who also holds the position of President at the Trade Union Congress (TUC), pointed to the prevailing cost of crude oil in the international market and the exchange rate between the Nigerian Naira and the US Dollar as the primary reasons for the government’s continued subsidy payments on petroleum products.

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He elucidated, “They [the government] are paying subsidy today. In reality today, there is subsidy because as of when the earlier price was determined, the price of crude in the international market was somewhere around $80 per barrel. But today, it has moved to about $93 to $94 per barrel for Brent crude. So, because it has moved, then the price [of petroleum] also needed to move.”

Osifo emphasized that the only way to cease subsidizing petroleum products is by effectively managing the exchange rate and ensuring a consistent supply of petroleum products to stabilize prices. He explained, “So, if the exchange rate comes down today, we will not be paying subsidy. But with the exchange rate value and the price of crude oil in the international market, we have introduced subsidy.”

This revelation comes as Nigeria grapples with the complex issue of fuel subsidies, a long-standing policy aimed at maintaining affordable fuel prices for its citizens. The government has faced challenges in sustaining these subsidies due to fluctuations in international oil prices and currency exchange rates.

Source: Vanguard

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