Petrol Prices Soar To N1,200/litre, Raising Concerns Of Increased Hardship

The Nigerian National Petroleum Company Limited (NNPCL) and fuel marketers, represented by the Independent Petroleum Marketers Association of Nigeria, engaged in a fresh clash over the removal of petrol subsidy. The disagreement comes after CEO Bismarck Rewane clarified that the subsidy was reduced, not entirely removed.

Oil marketers argue that, due to the weakened naira and rising crude oil costs, the subsidy on petrol is increasing, suggesting a market price of N1,200 per liter. Presently, NNPC-imported petrol is sold between N617 to N660 per liter.

In response, NNPCL's Chief Corporate Communications Officer, Olufemi Soneye, dismissed economists' and marketers' positions as assumptions. He reiterated the Federal Government's discontinuation of petrol subsidy, emphasizing NNPC's focus on energy security and sustainable growth. Soneye stated, "As a global energy company, our focus remains on fostering a vibrant and energy-secure Nigeria."