It was earlier reported that fuel marketers under the aegis
of the Independent Petroleum Marketers Association of Nigeria (IPMAN) clashed
with the NNPC over whether the government was still paying subsidy.
But, in a statement issued on Wednesday, NNPC spokesman,
Olufemi Soneye, said subsidy has been entirely removed on petrol.
“NNPC Ltd emphasizes that it has not clashed with any
party,” Soneye said, adding that the publication’s headline was unfortunate.
“The publication sought confirmation on the alleged subsidy
reduction, to which NNPC responded that subsidy has been entirely removed.”
Recall that in his inaugural speech on May 29, 2023,
President Bola Tinubu declared that the subsidy era is gone.
He said the 2023 budget made no provision for fuel subsidy,
and subsidy payment was no longer justifiable.
After the declaration, the price of petrol per litre jumped
from around N184 to over N600 in several parts of the country.
The removal of fuel subsidy also came with attendant
economic crises, with food inflation jumping to an all-time high.
Oil marketers had also threatened to raise the price per
litre of petrol over fluctuating and scarce foreign exchange used to secure the
essential commodity.
However, the implementation of subsidy removal has been
subject to controversy.
The World Bank had said the NNPC was not transparent about
the financial gains from fuel subsidy removal and that subsidy was not entirely
gone.
It argued that gains in net oil revenue of the federation
were lower than what they should have been.
But the NNPCL boss, Mele Kyari had defended the government,
saying the company was recovering the full cost from imported products.
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