The Nigerian National Petroleum Company Limited (NNPCL) and fuel marketers, represented by the Independent Petroleum Marketers Association of Nigeria, clashed over the removal of subsidy on petrol. The disagreement arose against the backdrop of the naira’s depreciation against the United States dollar in both official and parallel markets.<\/p>\n
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As the local currency faced a decline, economists and oil marketers asserted that petrol subsidy was increasing, contrary to NNPC’s claim of recovering full costs on the importation of Premium Motor Spirit (PMS). While economists like Bismarck Rewane argued that the subsidy was reduced, oil marketers suggested that, considering the economic factors, PMS should sell for N1,200\/litre in a free market.<\/p>\n
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The NNPC, however, maintained its position that the Federal Government had completely stopped the subsidy on petrol. The clash stems from differing perspectives on the subsidy’s existence and its impact on fuel prices. Meanwhile, the World Bank insisted that if there were no subsidy, the cost of PMS should not be less than N750\/litre.<\/p>\n
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The ongoing debate highlights the economic, social, and political considerations influencing the government’s stance on petrol subsidy, with industry experts emphasizing the need for a balanced approach to mitigate potential adverse effects. Additionally, the depreciating value of the naira further complicates the dynamics of fuel pricing in Nigeria.<\/p>\n
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In a separate development, the NNPC reported a significant number of crude oil theft cases in the Niger Delta, underscoring the persistent challenges faced by Nigeria in curbing illegal oil activities, which impact the nation’s revenue and ability to meet OPEC production quotas.<\/p>\n
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The Nigerian National Petroleum Company Limited (NNPCL) and fuel marketers, represented by the Independent Petroleum Marketers Association of Nigeria, clashed over the removal of subsidy on petrol. The disagreement arose against the backdrop of the naira’s depreciation against the United States dollar in both official and parallel markets. As the local currency faced a […]<\/p>\n","protected":false},"author":14,"featured_media":13168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-13166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/13166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=13166"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/13166\/revisions"}],"predecessor-version":[{"id":13174,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/13166\/revisions\/13174"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/13168"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=13166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=13166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=13166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}