Business
CBN To Wade Into Fuel Crisis …Retains Monetary Policy Rates
The Central Bank of Nigeria (CBN) has said it will intervene in the ongoing fuel scarcity in the country, which has inflicted so much pain on Nigerians, raising hope for a quick resolution of the issue.
CBN Governor, Godwin Emefiele, who disclosed this yesterday at this month’s meeting of the Monetary Policy Committee of the bank, said the bank would take measures to mitigate the impact of the fuel crisis on the Nigerian economy by engaging with key government agencies.
The apex bank seeks to improve the supply and distribution of the commodity across the nation.
This is coming two months after the importation of the off-spec petrol which plunged the country into fuel scarcity of massive proportions. The Russia-Ukraine war has also resulted in supply shortage for import-dependent countries like Nigeria.
Emefiele said the bank would first engage the Nigerian National Petroleum Company (NNPC) Limited towards finding ways to end the lingering petrol scarcity, which had pushed up the price of petrol to between N165 and N230 per litre, while diesel sells for between N700 and N800/litre in the last eight weeks.
He noted that the substantial upward push to price levels continued to be influenced by supply-side factors such as the scarcity of PMS, persisting insecurity and backlash from the Russia-Ukraine war, which requires a careful and focused policy intervention to address and resolve.
The CBN boss stated that a reduction in the arbitrary prices of petrol and diesel would automatically result in gradual moderation in prices of the products, which would ultimately result in the moderation in the prices of other products whose prices would have gone up as a result of the arbitrary increase in the prices of these items.
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