The Nigerian Nationwide Petroleum Firm Restricted (NNPCL) on Wednesday emphasised that the subsidy on gas has been eliminated and never lowered.
The NNPCL mentioned this whereas reacting to a narrative on a reported conflict with oil entrepreneurs on the precise price of Petroleum Merchandise contemplating the international trade fee.
The story had insinuated that in a free market, the Premium Motor Spirit (PMS) ought to promote for N1,200/litre.
However in a terse assertion issued by the Chief Company Communications Officer, NNPC Ltd Olufemi Soneye, the Firm denied claims that it was nonetheless partially paying subsidy on Petroleum merchandise.
It reads: “NNPC Ltd emphasizes it has not clashed with any occasion. The Punch headline is deemed unlucky. The publication sought affirmation on alleged subsidy discount, to which NNPC responded that subsidy has been totally eliminated.”
The NNPCL is at present the only importer of gas which at present sells between N617 to N660 relying on the filling station.
Oil Entrepreneurs had in varied situations queried how the Federal Authorities (FG) continues to be in a position to preserve the present worth of PMS regardless of the international trade realities.
They insisted that with the continued fall of Naira towards the greenback and the rising worth of crude on the worldwide market, costs of petroleum merchandise have been anticipated to rise.
In view of this, the Impartial Petroleum Entrepreneurs Affiliation of Nigeria (IPMAN) had concluded that the federal government was nonetheless operating a quasi-deregulation regime.
Responding to those speculations, President Bola Tinubu maintained that the federal government won’t restore subsidy however quite take measures to take care of the present pump worth of PMS, within the nation with out a reversal of its coverage.
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