Petroleum marketers have said the Nigerian government has completely removed the subsidy on Premium Motor Spirit (petrol), which is the reason the Nigerian National Petroleum Company Limited increased the price of the product to N1,030 and N998 per litre in Abuja, Federal Capital Territory, and Lagos State.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, disclosed this to DAILY POST exclusively on Wednesday.
Ukadike was reacting to the latest fuel price hike across NNPC outlets.
This comes weeks after NNPCL increased its fuel pump price to N897 per liter from N617.
Reacting, Ukadike said, “It is a price template that shows that the total deregulation of the oil and gas sector and the implementation of the Petroleum Industry Act have taken off.”
“With this, I don’t think there is anything like a subsidy on petroleum products now. NNPCL is now selling as they are buying from Dangote Refinery. NNPCL is no longer a middleman for oil marketers. Marketers are to buy petrol products from Dangote Refinery. It has become a willing buyer, selling relationship. We are embracing the new NNPCL price template.”
He, however, added that NNPCL and Dangote Refinery are yet to release their petrol ex-depot prices, which will determine whether marketers will sell the product.