NNPCL Clarifies Fuel Subsidy Removal Amid Market Turmoil

The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims of clashing with marketers or any other party on petrol payment.

The clarification comes in the wake of a media report suggesting that petrol should now cost N1,200 per litre due to the cessation of the under-recovery of fuel cost.

The Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, emphasized that the company has not clashed with any party or stakeholder, and the recent media report is false and unfortunate.

The company responded to the publication’s request for confirmation on the alleged subsidy reduction, stating that the subsidy has been entirely removed.

The news of the subsidy removal has sparked debates among economists and oil marketers, with some claiming that the subsidy is still in place due to the exchange rate of the naira against the US dollar and the cost of crude oil.

However, NNPCL maintains that the subsidy has been entirely removed and that it is recovering its full cost from the importation of Motor Spirit, also known as petrol.

The fuel subsidy has been a contentious issue in Nigeria, with various stakeholders arguing for and against its removal.

The government has been under pressure to remove the subsidy to free up funds for other sectors of the economy, but critics argue that the removal could lead to an increase in the price of fuel and further hardship for the citizens.

The NNPCL’s clarification on the subsidy removal has brought some clarity to the issue, but the debate is far from over. It remains to be seen how the removal of the subsidy will impact the Nigerian economy and the lives of its citizens.