27.2 C
Accra
Sunday, January 23, 2022
No menu items!

Nigeria cuts petrol prices to cushion public from COVID-19 impact

Must Read

The return of E-Levy as Parliament reconvenes Tuesday

By Edzorna Francis Mensah Ghanaians may need to brace up for more heated and debates from their Members of Parliament...

Vice President Bawumia in New York for UN Security Council Meeting

By: Mercy Darko  The Vice President, Dr Mahamudu Bawumia, left Accra, Ghana for New York, United States of America on...

Two persons arrested in Volta Region for peddling narcotics

SOURCE: GNA The Ketu Divisional Police Command has arrested two suspects, Kpelly Kwame, 29 and Anani Sasu, 19, for peddling...

President Muhammadu Buhari has approved a gasoline pump price cut to 125 naira ($0.4085) a litre from 145 naira during a cabinet meeting on Wednesday.

The moves will allow citizens to benefit from the deep slide in international crude markets, but at the risk of adding to the country’s budget worries. Fuel prices are contentious in Nigeria, where riots can break out at rumours of increases. Prices had been kept artificially low at 145 naira ($0.48) per litre.

Africa’s biggest economy has been battered by the global effects of coronavirus.

Roughly 90% of the Nigerian government’s foreign exchange earnings come from sales of oil, prices of which have taken a beating amid lower Chinese demand and a price war between Saudi Arabia and Russia.

Timipre Sylva, minister of state for petroleum, later issued a statement saying Nigerians should benefit from falling fuel costs, which were “a direct effect of the crash in global crude oil prices”.

“This action is being taken to cushion the economic impact of COVID-19 on our people,” he said.

Also on Wednesday, Nigeria introduced a “modulation mechanism” that will allow a reduction in petrol costs if there is a decline in crude prices, a presidency aide said.

“Nigeria has now introduced a modulation mechanism – if crude oil prices go down we will see a reduction in petrol prices. If prices go up we will see an increase,” Bashir Ahmed said in a tweet. He attributed his remarks to Sylva.

 

SourceReuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

The return of E-Levy as Parliament reconvenes Tuesday

By Edzorna Francis Mensah Ghanaians may need to brace up for more heated and debates from their Members of Parliament...

Vice President Bawumia in New York for UN Security Council Meeting

By: Mercy Darko  The Vice President, Dr Mahamudu Bawumia, left Accra, Ghana for New York, United States of America on Saturday January 22, 2022. Ahead of...

Two persons arrested in Volta Region for peddling narcotics

SOURCE: GNA The Ketu Divisional Police Command has arrested two suspects, Kpelly Kwame, 29 and Anani Sasu, 19, for peddling narcotics. They were apprehended following...

Minerals Commission shuts down operations at MAXAM Ghana

By Desmond Cudjoe The Minerals Commission has closed down the operations of MAXAM following the January 18, 2022, explosion at Appiate in the Prestea-Huni Municipality...

Ghana to face Nigeria in World Cup play-offs

The Black Stars will face the Super Eagles of Nigeria as both sides battle for a spot at the 2022 FIFA World Cup scheduled...

More Articles Like This