Post by FRANK OFILI (@frank-timeless9)

Musings from My Corner…
Nothing we never see for dis contri.
There was a time in this country when even the pump price of fuel was discriminatory. Very dumb idea.
It was during the IBB regime. Commercial vehicles purchased fuel at a lower rate than private vehicles—about ₦42 per litre for the former and ₦62 per litre for the latter.
We have also witnessed deliberate reductions in fuel prices by successive governments, particularly as elections approach.
President Goodluck Jonathan reduced the pump price from ₦97 to ₦87 per litre. President Muhammadu Buhari did the same at different times. This happened even when our refineries were moribund—as they largely remain today—and long before the Dangote Refinery became a reality. In both instances, the government quietly underwrote the difference. We all know how.
Yesterday, I bought fuel at ₦1,115 per litre—down from ₦1,280.
On the surface, this appears to be progress.
But is it really? I think not. At best, it is a politically motivated adjustment rather than an economically driven one—designed to deliver short-term relief.
The reduction is clearly government-induced, following the President’s authorization of large-scale fuel importation to compete with the Dangote Refinery. This has effectively triggered a price war between the NNPC—an entity that does not refine—and Dangote Refinery.
And, of course, elections are around the corner.
In essence, this mirrors what both Jonathan and Buhari did. The difference, however, is that we understood how their administrations covered the cost. With the current government insisting that “subsidy is gone,” it remains unclear how this gap will be financed.
How long will this importation continue?
What is evident is that we are, once again, exporting jobs—creating employment abroad with every litre imported—while unemployment worsens at home.
Shouldn’t we instead be supporting and strengthening local refining capacity?
For how long will this new import regime last? What are the implications for our economy, especially if the Gulf conflict persists?
And ultimately, is this approach sustainable? Why can't we be consistent and transparent? See less

0 likes · 0 comments · 0 shares