The Federal Government on Monday, denied reintroducing petrol subsidy, noting that the pockets of queues observed in petrol stations nationwide result from hiccups in distribution from the country’s south to the north, not a lack of supply.
“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.
“We hope that they do it very quickly and these are some of the interventions the government is doing. There is no subsidy,” the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, told State House Correspondents after an audience with President Bola Tinubu at the Aso Rock Villa, according to Punch.
Speaking after a meeting with President Bola Tinubu at the Aso Rock Villa, Kyari’s assertion comes barely forty-eight hours after the Petroleum and Natural Gas Senior Staff Association confirmed the return of fuel subsidy.
While arguing that supply remains robust, Kyari explained that the full deregulation of the downstream sector has created market competition.
He, according to RoyalTimes, said this phenomenon has led to minuscule price variations across gas stations, with consumers naturally patronising marketers with a lesser pump price.
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