President Bola Tinubu had, in his inaugural address on 29 May, announced the removal of fuel subsidy........
The NNPCL posted this via its verified Twitter handle on Thursday.
The agency’s Chief Executive, Farouk Ahmed, who disclosed this while addressing journalists shortly after a meeting with oil marketers on Wednesday, said NNPCL was the sole importer of petroleum motor spirit in the past. Mr Ahmed said NNPCL is going to be drawing down on their importation from being the sole importer to bringing in about 30 – 40 per cent maximum in line with the provision of the Federal Competition and Consumer Protection Commission regulation which says that nobody should exceed 40 per cent of the market share.
Following the announcement, the NNPCL directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200.The hike immediately triggered an increase in transportation fares and prices of goods and services by various percentages.
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