NNPC speaks on subsidy removal, cautions against panic buying

“Subsidy has been a major challenge for NNPC’s continuous operations.'

says the decision to remove subsidy on petrol, popularly called fuel, by President Bola Tinubu is a welcome development.

Mr Kyari, while addressing journalists said the removal of the subsidy which had been a burden on NNPC’s cash flow, would free up funds to enable optimal operations in the company. “There is no reason to panic, we understand that people will be scared of potential changes in price of petrol, that is not enough for people to rush to buy more than they need,’’ he added.He added that the company as the supplier of last resort as mandated by the Petroleum Industry Act would continue to ensure the availability of petrol and other petroleum products.READ ALSO:“The NNPC Ltd.

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