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There Is No Subsidy Whatsoever, Mele Kyari Insists

The NNPC boss' attempt to douse tensions follows speculation over a rise in landing costs beyond N700 as oil marketers raise the alarm that pump prices could rise to record numbers.


COMBO: An attendant handles a fuel pump nozzle and NNPC GCEO Mele Kyari speaks

 

As concerns grow over the implications of increased landing costs of petroleum products, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, says there is no subsidy on imports.

“There is no subsidy whatsoever,” Kyari told State House Correspondents at the Presidential Villa in Abuja on Monday.

This comes months after President Bola Tinubu’s now-famous inauguration speech announcing that “fuel subsidy is gone”.

The declaration sent petrol pump prices nationwide skyrocketing from below N200 per litre to around N500 and ultimately up to N617.

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Kyari’s attempt to douse tensions follows speculation over a rise in landing costs beyond N700 as oil marketers raise the alarm that pump prices could rise to record numbers.

“We’re recovering our full cost from the products that we import. We sell to the market; we understand why the marketers are unable to import,” Kyari said.

“We hope that they do this very quickly and these are some of the interventions the government is doing. There is no subsidy.”