'No subsidy whatsoever. We are recovering our full cost from the products that we import. We sell to the market and we understand why the marketers are unable to import,' an official said.
"No subsidy whatsoever. We are recovering our full cost from the products that we import. We sell to the market and we understand why the marketers are unable to import," an official said.The NNPCL group chief executive officer, Mele Kyari, disclosed this to State House correspondents after a meeting with President Bola Tinubu at the Presidential Villa, Abuja, on Monday.
“The president wishes to assure Nigerians, following the announcements by the Nigerian National Petroleum Company Limited just yesterday, that there will be no increase in the pump price of petroleum motor spirit anywhere in the country,” the spokesperson said. “The government has to come clean. In reality today, there is subsidy because as of when the earlier price was determined, the price of crude in the international market was somewhere around less than $80 to a barrel. But today, it has moved to about $93/94 per barrel for Brent crude. So, because it has moved, then the price also needed to move,” Mr Osifo said.Speaking on Monday Mr Kyari explained that the government was recovering its full costs from the imported products.
He argued that some fuel stations will reduce prices “by two Naira and three Naira so customers will naturally run to the places where you have that reduction in prices” and that creates panic because those who don’t know why they are doing it will think that there’s something wrong happening, or there’s an ominous sign of scarcity.
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