{"id":109678,"date":"2023-12-13T15:22:36","date_gmt":"2023-12-13T14:22:36","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=109678"},"modified":"2023-12-13T15:22:36","modified_gmt":"2023-12-13T14:22:36","slug":"petrol-price-should-be-n750-per-litre-says-world-bank","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/petrol-price-should-be-n750-per-litre-says-world-bank\/","title":{"rendered":"Petrol Price Should Be N750 per litre, says World Bank"},"content":{"rendered":"<p>The World Bank has stated that the Federal Government may still be paying for fuel subsidy, considering that fuel prices are currently not cost-reflective in the country.<\/p>\n<p>It said the price of petrol should be around N750 per litre more than the N650 per litre currently being paid by Nigerians.<\/p>\n<p>The bank\u2019s Lead Economist for Nigeria, Alex Sienaert, revealed this during his presentation of the Nigeria Development Update, December 2023 edition titled, \u2018Turning The Corner (from reforms and renewed hope, to results) on Wednesday in Abuja.<\/p>\n<p>During the event, which is hybrid, he noted that based on the official exchange rate today, fuel should cost N750\/litre.<\/p>\n<p>He said, \u201cIt does seem like petrol prices are not fully adjusting to market conditions so that hints at the partial return of the subsidy, if we estimate what is the cost reflective of retail PMS price of the would-be and assuming that importation is done at the official FX rate.<\/p>\n<p>\u201cOf course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher. These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.<\/p>\n<p>\u201cWe think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.\u201d<\/p>\n<p>He highlighted that the bank is recommending to the government to take additional measures with its bold reforms to secure the benefits from having taken those decisions.<\/p>\n<div class=\"yj6qo\"><\/div>\n<div class=\"adL\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The World Bank has stated that the Federal Government may still be paying for fuel subsidy, considering that fuel prices are currently not cost-reflective in the country. It said the&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":97035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-109678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Petrol Price Should Be N750 per litre, says World Bank - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/petrol-price-should-be-n750-per-litre-says-world-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Petrol Price Should Be N750 per litre, says World Bank - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The World Bank has stated that the Federal Government may still be paying for fuel subsidy, considering that fuel prices are currently not cost-reflective in the country. 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