He continued, “Right now, most Western countries in the Covid era are printing money to subsidise their people. So, the conversations we should be having is how developing countries can also enjoy some concessions, not how to take any little support for the people away.
The APC chieftain added that the size of what is called subsidy could have even been exaggerated as the value of crude allocated for domestic consumption which is swapped, should stand to the credit of local petroleum product account after deduction of OPEX and average unit CAPEX costs. “When this particular sum is accounted for, the so-called ‘subsidy cost’ will be relatively smaller than the costs bandied about,” he said.
“For instance, diesel and petrol are not just products that end up in the tanks of cars and lorries for transportation. These products are the fuels for the tiny generators at the barber’s shops, tailor’s shops, the corn mills, rice mills, local clinics, hospitals, bakeries, small scale industries, telecommunications facilities, banks etc.“Petrol and diesel fuels 90% of economic activities in Nigeria.
Olawepo-Hashim who trained in International Petroleum Management in Boston Massachusetts, United States, also stressed that the arguments surrounding petroleum pricing are not new.
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