Fuel Pump Price Rises To 1,200 Per Liter
According to reports, gas prices are set at N1,200 per liter by operators
In a recent development, there was another altercation on Tuesday regarding the removal of the gasoline subsidy between the Nigerian National Petroleum Company Limited and fuel marketers operating under the umbrella of the Independent Petroleum Marketers Association of Nigeria.
During a live broadcast on ChannelsTV on Sunday, Bismarck Rewane, the Chief Executive Officer of Financial Derivatives Company, clarified that the fuel subsidy was not eliminated but rather decreased.
In a similar vein, oil marketers said on Tuesday that the cost of crude oil and the collapse of the naira against the US dollar were driving up gasoline subsidies. They emphasized that PMS should sell for N1,200 per litre in a free market.
The price of petrol, which the NNPCL is the only company authorized to import into Nigeria, ranges from N617 to N660 per litre, contingent on the buyer's location.
Olufemi Soneye, the NNPCL's Chief Corporate Communications Officer, refuted the opinions of economists and marketers, arguing that the federal government had indeed stopped providing gasoline subsidies.
The CCCO for the NNPCL responded as follows when asked about the purported subsidy by dealers and experts:
“We prioritise our time on substantive matters rather than responding to assumptions.
“At NNPC Ltd, we prioritise national development through energy security and sustainable growth. We reiterate that the Nigerian government does not pay subsidy on fuel; we recover full costs from our imported products.
“As a global energy company, our focus remains on fostering a vibrant and energy-secure Nigeria.”
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