Fuel Is N800/Ltr – Marketers Counter FG, Insist Fuel Subsidy Is Back

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Oil marketers, on Tuesday, countered the position of the Federal Government, as they insisted that the current pump price of Premium Motor Spirit, popularly called petrol, should not be less than N800/liter if there was no subsidy on the commodity.

Petrol currently sells at between N580/liter and N617/liter depending on the area of purchase, as the Federal Government, through its Nigerian National Petroleum Company Limited, had denied reintroducing PMS subsidy.

On Monday, the Group Chief Executive Officer, of NNPCL, Mele Kyari, denied the reintroduction of petrol subsidy and claimed that the pockets of queues by motorists observed in petrol stations across the country stemmed from hiccups in products’ distribution from the South to the North and not a lack of supply.

“No subsidy whatsoever. We are recovering our full cost from the products that we import. We sell to the market, and we understand why the marketers are unable to import. We hope that they do it very quickly and these are some of the interventions the government is doing. There is no subsidy,” Kyari had stated.

On claims by NNPCL that it had enough product, the IPMAN secretary said this was not entirely correct.

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