Oil marketers have advised President Bola Tinubu to gradually ease the removal of subsidy on Premium Motor Spirit (PMS) due to challenges faced by importers in accessing US dollars and the resulting impact on businesses.

This recommendation was made amid Tinubu’s assurance that there would be no fuel price hike or reversal of the fuel subsidy.

Drawing a lesson from Kenya, the marketers urged the President to reconsider, noting that Kenya had reinstated the subsidy on petrol after its removal led to adverse effects on its citizens.

Marketers emphasized that forex rates largely dictate petroleum product costs in Nigeria.

The Independent Petroleum Marketers Association of Nigeria’s Mohammed Shuaibu urged the government to swiftly relax the subsidy removal due to potential consequences.

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He argued that the current exchange rate could lead to an increase in fuel prices, causing unrest.

Chinedu Ukadike, the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, warned that the removal of subsidy without adequate palliatives would exacerbate hardships.

He stressed the need for a government intervention to address the escalating cost of living.

The Nigeria Extractive Industries Transparency Initiative (NEITI) recommended a deliberate policy to attract private investors and promote refinery development.

NEITI encouraged the government to provide incentives to encourage both Nigerians and foreign investors to establish private refineries.

Tinubu, Nigeria’s envoy to France, was buried in Ilorin, his family’s hometown.

The casket, draped in the national colors, arrived via a Nigerian Air Force plane and the burial followed Islamic customs.