Ministry of Petroleum Resources prepares ‪#‎FACTSHEET‬ that tries to answer all your questions on new petrol price in Nigeria

The Federal Ministry of Petroleum Resources has prepared a ‪#‎FACTSHEET‬ that tries to answer all your questions on the new price of petrol in Nigeria:

Top 13 Frequently Asked Questions (FAQs):

1.What is the benefit of the new price regime to Nigerians?

This government is elected to serve the people and provide benefits to all. The new pricing regime brings the following benefits:
Solves the recurrent fuel scarcity crisis by ensuring availability of products at all locations of the country
Reduce hoarding, smuggling and diversion substantially and stabilise price at the actual product price
Ensures market stability and Improves fuel supply situation through private sector participation
Creates Labour market stability (will potentially create additional 200,000 jobs through new investments in Refineries and Retails and prevent potential loss of nearly 400,000 jobs in existing investments)

2. Why the new price regime?

Fuel Supply, Harsh Economic Climate; Nigerian Consumers Groan As Food Prices Rise By 50%

Following the persistent shortage in fuel supply and the harsh economic climate, there has been an average of 50 per cent hike in the prices of consumer goods and buyers are complaining bitterly.
In some Lagos markets visited by our correspondent, including Oyingbo, Iddo, Mile 12, Alade and Ipodo, prices of some food items like tomato puree, rice, vegetable oil and seasoning had increased substantially.

Our correspondent found out at the Ipodo Market that a carton of Indomie was sold for N1,500 as against the former price of N1,000; a retail pack of Gino tomato puree(70gm), formerly offered at N1,250, went for N2,700, while a five-litre keg of vegetable oil previously sold for N1,800 was offered for N2,500.