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Speaking at the conference, Clement Isong, chief executive officer and chairman of thehe previous subsidy arrangement had an arduous effect on the economy, noting that there is still “subsidy in some areas”.However, Isong believes there is an opportunity to assist in the short term to limit rising costs for Nigerians as the country transitions away from the subsidy regime.
“The increase in diesel cost in the deregulated market to a N1,000 per litre, the marketers are not happy because they“In some places, there’s full cost recovery, but not in all markets. Is there still subsidy? We keep asking that question. I will say yes, in some areas, there is. Is there an opportunity to optimise, to become more efficient, to reduce the cost? Yes, for individuals and also for the operators or the marketers.
On his part, Bolaji Osunsanya, CEO of Axxela, represented by Fisayo Duduyemi, the company’s chief strategy, said like every other commodity, petroleum products should be “allowed to free float”.
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