How Nigerian Govt Can Make Petrol Sell Below N70/Litre – ASCSN

A petrol attendant fills a car at a Total petrol station in Lagos, Nigeria, Monday, Nov. 19, 2012. French oil company Total SA said Monday it had sold its stake in an offshore oil field near Nigeria for $2.5 billion to the Chinese state-run firm Sinopec Corp., a sign of the China's growing stakes in the West African nation's oil production. (AP Photo/Sunday Alamba)

The Association of Senior Civil Servants of Nigeria, ASCSN, has stated that the federal government of Nigeria can take a course of action that’ll ensure petrol sells below N70 per litre.

In a statement issued in Lagos weekend, the ASCSN President, Bobboi Bala Kaigama, and the Secretary-General, Alade Bashir Lawal, the association argued that the price of crude oil in the international market had reduced drastically meaning that the template being used to arrive at the price of fuel should be reviewed downward commensurably.

According to ASCSN, if the price template of petrol is reviewed downward to reflect global oil price reduction, then petrol may not be up to N70 per litter in the country.

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“If that is done, it is doubtful if the price of petrol will be up to 70 per litre,” the union stated. The Union observed the level of deficit financing in the budget put at ¦ 2.22 trillion and posited that it was on the high side and advised the Government to work very hard in the area of looted funds recovery as that would go a long way to shore up government revenue and thereby mitigate the negative impact which the quantum of deficit would have on the entire economy.

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