RainOil CEO: Changes in Crude Oil Price, Exchange Rate Will Determine Petrol Prices
By Ademola
Gabriel Ogbechie, RainOil CEO
Group Managing Director, Rainoil Ltd, Gabriel Ogbechie, has asked Nigerians to prepare to pay full market prices for petroleum products as a result of the full deregulation of the downstream sector.
After President Bola Tinubu announced that subsidy was gone, the pump price of petrol rose from N198 to N545 per litre and the Nigerian National Petroleum Corporation Limited (NNPCL) regulated pump prices at its outlets nationwide.
But two weeks ago, NNPCL exited its middleman role, forcing the pump price of fuel to sell between N998 and N1,250 per litre.
While appearing on Channels Television’s Business Morning on Tuesday, Ogbechie lauded Tinubu’s decision on the removal of fuel subsidy, saying that it allowed for healthy competition in the downstream sector.
“President Tinubu did the right thing by saying the subsidy was gone. He removed the subsidy and then we saw the price of petrol slide upwards.
“At some point, I think the government had to intervene to calm things down and then NNPCL went back to fixing the prices of petroleum products.
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