No power, petrol price hikes till after elections - Economists

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Nigerians should be ready for hike in power and petrol prices immediately after the 2019 general elections, economists and investors in the power and petroleum sectors have warned.

In a chat with New Telegraph in Lagos, they insisted that the expedient hike in prices of electric power and Premium Motor Spirit (PMS); two utility products in Nigeria, will wait till immediately after the general elections.

Speaking with this newspaper last night, CEO of Financial Derivatives, Mr. Bismarck Rewane, a frontline economist, said nothing would happen on both power tariff and petrol price until after the election.




“Nothing will happen until the government gets another four-year mandate. If they do now, they will lose and that will not be a wise decision,” he said.

Similarly, Managing Director, Cowry Asset Management, Mr. Johnson Chukwu and investors in the 11 distribution companies, said that no party or individual that emerges winner in the election will sustain the energy tariff and oil subsidy burden.


The All Progressives Party (APC)-led Federal Government, New Telegraph gathered last weekend, foreclosed the processes it started to make the current prices of these two products competitive basically because of the effects it could have on voting pattern during the forthcoming general elections.


The Nigerian National Petroleum Corporation (NNPC) incurs about N774 million daily under-recoveries to subsidise the N145 per litre pump price of petrol across the country.




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