NNPC: No fuel subsidy as we cover full cost on imports

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NNPC: No fuel subsidy as we cover full cost on imports
NNPC: No fuel subsidy as we cover full cost on imports

In a recent press briefing, Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, refuted claims of any form of subsidy on petroleum motor spirit (PMS), commonly known as petrol, by the federal government.

He clarified that the national oil company was covering its complete cost through the sale of imported products, emphasizing that there is no subsidy in place.

CEO addresses fuel queue causes

Kyari addressed the ongoing fuel queues witnessed in some states, attributing them to poor road conditions that have compelled transporters to seek alternative routes for product delivery.

Delays in transporting products from southern depots to the northern parts of the country have resulted in these supply gaps. Nevertheless, Kyari assured that these issues have been resolved.

Furthermore, he noted that full deregulation in the sector has intensified competition among fuel marketers.

Some queues have also emerged due to customers’ preference for filling stations with lower prices, leading to occasional panic buying.

Kyari reassured the public that there is an ample supply of petrol, with over 1.4 billion liters available for local consumption.