Search
Search
Close this search box.
Search
Close this search box.

NNPCL denies reports of clash with marketers over petrol subsidy as marketers say fuel might hit N1200 per liter due to subsidy

6 months ago

The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday, January 3, denied reports that it clashed with marketers over payment of Premium Motor Spirit (PMS).

A report by Punch claimed that petrol should now cost N1,200 per litre owing to exit from the under-recovery of the fuel cost.

The report said NNPC and fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria, on Tuesday, clashed again over the removal of subsidy on petrol.

The clash came against the backdrop of the depreciation of the naira against the United States dollar at both the official Investors & Exporters Window and the parallel market.

On Tuesday, the local currency closed at 998/dollar at the official market, while it traded at 1,225/dollar at the black market.

Due to the falling naira rate, economists and oil marketers said PMS subsidy was increasing in recent times, but the NNPC quickly countered the marketers and declared that it was recovering its full cost on the importation of Premium Motor Spirit, popularly called petrol.

Also, the Chief Executive Officer, Financial Derivatives Company, Bismarck Rewane, said in a recent interview that fuel subsidy was not removed but reduced.

The report added that marketers said subsidy on petrol was increasing considering the crash of the naira against the United States dollar and the cost of crude oil, stressing that PMS should sell for N1,200/litre in a free market.

NNPC in a rejoinder on Wednesday, denied the reports.

The short rejoinder that NNPC, Group Communications, Officer, Olufemi Soneye issued today reads: “NNPC Ltd emphasises it has not clashed with any party. The Punch headline is deemed unfortunate. The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that the subsidy has been entirely removed.”

comments

Comments expressed here do not reflect the opinions of Giveoutblog or any employee thereof. Spam comments or Copied comments will be Penalized!

11 Responses

  1. even though i won’t like the hike in price at least the subsidy should be completely gone with if we are to proceed well in this our country nigeria
    i implore auditors to investigate this claim to nigerians
    kaka is optimistic

  2. Before they will drive the poor to early grave with wrong policies which are one that have led to increase of Price in every item then the poor must need to do something quick to stop them, Why in this country should price of fuel even be more than a #100 per litre?

Leave a Reply

Related Posts

Pages

Sharing Is Caring

Facebook
Twitter
WhatsApp
Telegram