Marketers Eye Fresh Fuel Price Hike As Crude Hits $94 And Other Newspaper Headlines Today

• Sodiq Yusuf

The rise in the cost of crude oil, coupled with the depreciation of the naira against the United States dollar, might lead to a hike in the pump price of Premium Motor Spirit, popularly called petrol, oil marketers stated on Sunday.

THE PUNCH reports this morning that the sharp rise in crude oil price to about $94/barrel and the crisis around forex, had warranted a gradual increase in the amount being quietly spent as subsidy on petrol by the Federal Government.

Dealers in the downstream oil sector explained that the cost of crude oil and the exchange rate of the dollar accounted for over 80 per cent of the cost of PMS.

Brent crude, the global benchmark for oil, rose to $94/barrel on Sunday, the highest figure in 2023. Oil had started the year at about $82/barrel, dipped to $70/barrel in June, but traded above $92/barrel in the past week.

Although the Federal Government and its Nigerian National Petroleum Company Limited had insisted that subsidy on petrol had ended, following the deregulation of the downstream oil sector, operators insisted on Sunday that the government was implementing quasi-subsidy.

They explained that with the latest rise in crude oil price, the cost of petrol was meant to increase, stressing that if the government insists on leaving the commodity at N617/litre, then subsidy on PMS had been returned quietly.

THE NATION has as its lead story the situation of the erstwhile top management of the Central Bank of Nigeria. It reveals that there were hints yesterday that the suspended Central Bank of Nigeria (CBN) Governor Godwin Emefiele and other top officials of the bank may face trial afterall.

This follows the stalling of the plea bargain move between the Federal Government and the embattled apex bank boss.

It was learnt that Emefiele and the affected officials of the apex bank have “not made substantial concessions on some refunds expected from them.”

Sources said that trillions of naira were being tracked by a federal agency but only a few billions of naira was offered as refundable by some of those linked to the suspicious transactions.

Also leading on the Newspaper Headlines today is a report where the Nigeria Labour Congress (NLC) has confirmed its readiness to meet the Federal Government to discuss possible solutions to quell the Congress’ proposed Indefinite industrial action.

A source who pledged anonymity told NIGERIAN TRIBUNE that the NLC received an invitation from the government and is willing to attend the meeting.

A press statement signed by the Labour Ministry’s Director, Press and Public Relations, said; “The Minister of Labour and Employment Simon Bako Lalong has again invited the Nigerian Labour Congress (NLC) for another meeting over its planned indefinite strike.