Connect with us

Business

Ardova boss, Olumide Adeosun, wants Nigerian govt to increase fuel price above N165

Published

on

Ardova boss, Olumide Adeosun, wants Nigerian govt to increase fuel price above N165

The Chief Executive Officer of Ardova Plc, Olumide Adeosun, has said the government-regulated fuel price is not feasible, and should be reviewed to meet current realities.

Adeosun stated this during the Federal Competition and Consumer Protection Commission (FCCPC) virtual consumer protection workshop for oil marketers on Wednesday.

The Ardova boss, who doubles as the Chairman of Major Oil Marketers Association of Nigeria (MOMAN), said controlling the fuel price at this period was difficult, considering the shortage of fuel globally, that has made landing price and depot cost increase.

Read also: FBN Holdings, GTCO, Ardova and Wema Bank make list of stocks to watch this week

He said countries are hoarding fuel to meet their domestic demand due to the disruption in supply by the Russia/Ukraine war. Adeosun stated that the Nigerian government was spending significantly on subsidy to get fuel into the country.

With the government preventing the rising fuel price on the economy, Adeosun said the government should also implement gradual deregulation of petrol, to limit the cost burden it would have on Nigerians.

His comment follows the fuel scarcity in Nigeria, which has seen oil marketers mull over increasing the cost of petrol per litre at filling stations to reflect market reality. There have been suggestions that pump price should rise beyond the current N165.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations