NNPCL and marketers dey fight over subsidy, operators talk say petrol na N1,200 per litre.
NNPCL, wey be Nigerian National Petroleum Company Limited, and fuel marketers, wey dey under Independent Petroleum Marketers Association of Nigeria, clash again over the matter of subsidy removal for petrol. This kasala happen as the naira dey fall against the dollar for both the official Investors & Exporters Window and the black market.
On Tuesday, naira close at 998/dollar for the official market, while for black market e trade at 1,225/dollar. As naira dey fall, economists and oil marketers talk say subsidy for Premium Motor Spirit (PMS), wey people know as petrol, dey increase, but NNPC quickly deny dis talk, talk say dem dey recover their full cost for importing petrol.
The Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, talk during one live TV show on ChannelsTV on Sunday, explain say fuel subsidy no dey totally removed but e dey reduced. Oil marketers sef talk say subsidy for petrol dey increase based on how naira dey fall against dollar and the cost of crude oil, talk say make PMS sell for N1,200 per litre for free market.
Currently, NNPC, wey be Nigeria’s only importer of petrol, dey sell petrol between N617/litre to N660/litre, depending on where person dey buy for Nigeria.
FOR MORE NEWS: Israeli army don yan say di war for Gaza go continue all through 2024.
Dr. Muda Yusuf, wey be the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, talk say subsidy dey somehow for petrol, but e also note say government dey subsidize the commodity for political, social, and economic reasons.
When dem ask NNPC about the matter, the Chief Corporate Communications Officer, Olufemi Soneye, talk say the positions of economists and marketers na just assumption. E still insist say Federal Government don stop subsidy on petrol, and NNPC dey recover their full cost from imported products.
President Bola Tinubu bin talk say subsidy don end for May 29, 2023, and NNPC follow talk the same. Before this talk, the pump price for petrol bin dey below N190/litre, but e sharply jump to over N500/litre after Tinubu talk, and later e still climb reach over N600/litre few weeks later. NNPC still dey talk say dem no dey subsidize.
You fit go read di tori as marketers clash over subsidy removal…READ MORE
