On Tuesday, the marketers emphasized that if this were not the case, gasoline would be priced at around N800 per liter…CONTINUE READING

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), denied the return of subsidies on Monday.

He clarified that the company was covering its entire expenses from the products it had imported, so the prices of N580 to N617 per liter, depending on the location, were not a matter of concern.

Kyari stated, “I told you there’s no subsidy whatsoever, we are recovering our full cost from the products that we import. We sell to the market, we understand why the marketers are unable to import.

We hope that they do this very quickly, and these are some of the interventions the government is doing. There is no subsidy.”

In response to the federal government’s stance, oil marketers have insisted that fuel subsidies have been reinstated and criticized Kyari for making what they consider to be inaccurate statements.

Speaking to The Punch, Chief John Kekeocha, the National Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), stated, “I don’t know why the government keeps spreading falsehood.

When they removed the PMS subsidy, the exchange rate was about N700 per dollar, and they led us to believe that the removal of subsidies would allow product supply to operate based on the principles of supply and demand, using the forex rate as the reference.”