Fuel price reduction: Why fixing petrol at N1,350/litre not subsidy reintroduction – Oyedele
Minister of Finance, Taiwo Oyedele, has explained that fixing the gantry price of petrol at N1,350 per litre at Nigerian National Petroleum Company Limited, NNPCL, filling stations nationwide is not a reintroduction of petrol subsidy. He made this disclosure on Thursday during a press briefing in Abuja. According to him, domestic fuel pump prices should […] Fuel price reduction: Why fixing petrol…
Nigerian Minister of Finance, Taiwo Oyedele, has clarified that setting the petrol price at N1,350 per litre across all Nigerian National Petroleum Company Limited (NNPCL) filling stations is not a re-introduction of fuel subsidy. The announcement was made during a press briefing in Abuja on Thursday. Oyedele explained that the government's decision is to sell fuel at cost, keeping domestic pump prices unaffected by fluctuations in global crude oil prices or the exchange rate.
The move aims to maintain stable fuel prices for a 30-day period. DANGOTE Refinery's gantry price is also N1,350 per litre, while retail petrol prices in Abuja and surrounding areas are N1,370 per litre at NNPCL and MRS stations. The fuel price reduction has elicited mixed reactions, with some Nigerians viewing it as a revival of fuel subsidy, while others, like Atiku Abubakar and Omoyele Sowore, criticized the move as a temporary measure that cannot remedy economic hardship.
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