Oil Marketers Dispute Government’s Claim of No Fuel Subsidy

Fuel subsidy debate: Petrol Prices Could Surge to N800/litre Without Subsidy, Warns IPMAN

In a recent statement, Mele Kyari, CEO of Nigerian National Petroleum Company Limited (NNPCL), asserted that there is no fuel subsidy in place, emphasizing that the government is recovering full costs from imported products. This declaration comes amid growing controversy surrounding the return of fuel subsidy, with conflicting reports from various stakeholders.

Petroleum and Natural Gas Senior Staff Association of Nigeria confirmed the resurgence of fuel subsidy just 48 hours prior to Kyari’s statement. Oil marketers have consistently maintained that the landing cost of petrol reached N720/litre last week, suggesting that without subsidy, prices could soar to over N800/litre.

Currently, petrol retails between N580/litre and N617/litre, varying by location. Despite this, the Federal Government, through NNPCL, remains steadfast in denying the reintroduction of PMS subsidy. Kyari attributed sporadic queues at petrol stations to distribution challenges rather than a shortage of supply.

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As stakeholders continue to debate the existence of fuel subsidy, consumers and industry players alike watch closely, with concerns mounting over potential price increases and their broader economic impact.

 Fuel Subsidy Debate: Government vs. Oil MarketersFuel Subsidy Debate: Government vs. Oil Marketers

The Nigerian petroleum industry is embroiled in a heated debate over the existence of fuel subsidy. While the CEO of NNPCL, Mele Kyari, asserts there is no subsidy, oil marketers insist that without it, petrol prices could exceed N800/litre. As conflicting reports emerge, consumers and industry players brace for potential economic repercussions.