Price parity has been brought about, according to Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, by the President Bola Ahmed Tinubu administration’s withdrawal of the Premium Motor Spirit (Petrol) subsidy......See Full Story>>.....See Full Story>>
Channel Television reports that Kyari revealed this in a recent chat with reporters.
In light of the recent increase in fuel prices by NNPCL retail outlets to N1,030 per litre from N898, he made his remarks.
Speaking about the significance of fuel subsidies in June of last year, Kyari claimed that they discouraged petroleum smuggling to adjacent countries and put a stop to price arbitrage.
“In the last 40 sometime years, PMS has always been subsidized. Fuel Subsidy created arbitrage, that is difference between the price in one location to the other.
“When Mr President announced the removal of fuel subsidy in June what it did was to calibrate price. There is no longer in the value of anyone taking the product to the borders”, he said.
Remember that when Tinubu said in June 2024 that gasoline subsidies would no longer be provided, the price of fuel rose from about N238 per litre to over N517.
According to Anaedoonline.ng, the price increase in Abuja has escalated multiple times in the past few months, with a current price per litre of N1030.