In his inaugural address on May 29, President Bola Tinubu announced the elimination of the fuel subsidy. After the announcement, premium motor spirits, sometimes known as gasoline, became more expensive, with some filling stations charging as much as N700 per liter.
Contrary to predictions, the NNPCL increased the official fuel price on May 31st, two days after Tinubu announced the elimination of subsidies.
The Federal Government has not paid any subsidy payments since 2022, the NNPCL explained, adding that as of March 2023, the FG owes the NNPCL N2.3 trillion in fuel subsidy money.
Here are five things to know about the NNPCL and the fuel market following the elimination of the fuel subsidy.
The NNPCL has claimed that it had to sell at the new price in order to be able to resupply, even though it is still selling old stock.
The NNPCL won’t be the only company bringing fuel into the nation anymore.
The NNPCL will no longer set the market price for fuel. The vendor will decide on the price.
Market forces will determine the price of fuel on the market.
However, government officials would be vigilant to prevent fraud against the populace.