The Nigerian National Petroleum Company Limited and fuel marketers, represented by the Independent Petroleum Marketers Association of Nigeria, clashed once again over the contentious issue of the petrol subsidy removal.
Contrary to assertions made by the Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, who claimed during a live television program that the subsidy had been reduced, oil marketers argued to PUNCH on Tuesday that the subsidy on petrol was on the rise. They pointed to the weakening of the naira against the United States dollar and the escalating cost of crude oil as factors contributing to their stance, advocating for a market-driven price of N1,200 per liter for Premium Motor Spirit (PMS).
Currently, the NNPCL exclusively imports petrol into Nigeria, and the commodity is priced between N617/liter to N660/liter, depending on the geographical location of purchase within the country.
Disputing these claims, Olufemi Soneye, the Chief Corporate Communications Officer of the NNPCL, brushed aside economists’ and marketers’ positions as mere assumptions. He reiterated the Federal Government’s stance that petrol subsidy had indeed been discontinued.
Responding to questions about the alleged subsidy, Soneye emphasized, “At NNPC Ltd, we prioritize national development through energy security and sustainable growth. We reiterate that the Nigerian government does not pay subsidy on fuel; we recover full costs from our imported products. As a global energy company, our focus remains on fostering a vibrant and energy-secure Nigeria.”
