Just In: No fuel subsidy whatsoever, says NNPCL.
The federal government, on Monday, October 9, debunked claims that Nigeria has restored subsidy for premium motor spirit (PMS), also known as petrol.
President Bola Tinubu had on May 29, during his inauguration as President at Eagle Square, Abuja, announced the effective end of the subsidy regime.
However, the removal of fuel subsidy has been trailed by serious economic repercussions, which have led to protests from the organised Labour.
Just last week, the Tinubu administration managed an arrangement with Labour, including the implementation of some palliative measures, including a provisional wage increment.
Oil marketers and a section of organised Labour have recently alleged that the government had restored the subsidy, contrary to its earlier resolve, claiming that with the removal of the subsidy, fuel pump price stability, despite fluctuations, is unexplainable.
However, responding to journalists’ questions at the Presidential Villa, Abuja, after a meeting with President Tinubu, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, said there is no fuel subsidy at all.
He said: “I told you there’s no subsidy whatsoever, we are recovering our full cost from the products that we import. We sell to the market, we understand why the marketers are unable to import. We hope that they do this very quickly and these are some of the interventions the government is doing. There is no subsidy.”
Credit: The Nation Newspaper
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