World Bank reveals petrol price

THE World Bank has revealed that the Federal Government may be subsidizing fuel, as the current price in the country is not reflective of the actual cost. This was disclosed by Alex Sienaert, the Lead Economist for the World Bank in Nigeria, during his presentation on Wednesday in Abuja of the Nigeria Development Update, December 2023 edition, entitled “Turning the Corner (from reforms and renewed hope to results).” According to him, Nigerians should be paying about N750 per litre, which is more than the N650 per litre they are now paying. The Federal government, led by President Bola Tinubu, announced the removal of the fuel subsidy, resulting in an increase in the petrol pump price from N197 to between N480 and N570. Since then, it has undergone difSpeakingferentprice duringmodificationsanewsreflectiveconferenceofthein Blantyreinternationalthis oilweekpricetorate,giveandan updatefuelpriceson thewereproject,subsequentlyescom seniorreviewedprojectsupwardman-to agern6. — Alexanderbusiness Insider.kaitane said the realisation of the project will translate into improved access to electricity supply in the country by 50 megawatts (MW). He said: YOUNG climate activists in Dubai were disappointed in a new compromise text at COP28 climate talks Wednesday because it stopped short of seeking fossil fuel phase-out.the new proposal doesn’t go so far as to seek a “phase-out” of fossil fuels, which more than 100 nations had pleaded for. Instead, it calls for “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade.”that transition would be in a way that gets the world to net zero greenhouse gas emissions in 2050 and follows the dictates of climate science. Bangladesh youth advocate Farzana Farouk Jhumu said the mitigation'xxx in the new text “is not in full” and there is no mention of fossil fuels other than coal. Jhumu and other young activists held a demonstration ahead of a plenary to demand the funding of an equitable phase out from global leaders. — Africa News.