The Nigerian National Petroleum Company Limited (NNPCL) has confirmed the full deregulation of the downstream sector of the Nigerian Petroleum Industry with petrol now selling at market price following the removal of subsidy by President Bola Tinubu.
NNPC, in a statement by its Chief Corporate Communications Officer, Garba Deen Muhammad on Wednesday, said pump prices at its retail stations have been adjusted.
Recall that president Bola Ahmed Tinubu in his inaugural speech had earlier announced the removal of fuel subsidy, noting that the 2023 Budget made no provision for fuel subsidy.
According to the Nigeria Extractive Industries Transparency Initiative, Nigeria has spent thirteen point seven trillion naira on fuel subsidy in the last thirteen years.
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