The Centre for the Promotion of Private Enterprise (CPPE) on Wednesday said the latest increase in petrol price is regrettably “ill timed” and does not reckon with the prevailing difficult economic conditions.
PREMIUM TIMES reported that the petrol pump prices rose to N998 and N1,030 per litre on Wednesday at various outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd) in Lagos and Abuja, respectively.
The recent development comes after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery.
In a statement signed by Muda Yusuf, director of CPPE, the think tank said the Nigerian economy is not ripe for full blown deregulation and market principles on all fronts.
He said social, economic and political considerations matter in policy choices.
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