*Malam Meke Kyari, Group Chief Executive Officer of NNPC Limited, reaffirms 鈥榯here no subsidy whatsoever鈥� as the state oil firm is only 鈥榬ecovering our full cost from the products that we import鈥�

Isola Moses | 绿帽献妻

Amid the seeming confusion among a broad spectrum of Nigerian consumers over the latest development in reagrd to yet another possible price hike in the downstream petroleum sector of the economy, Malam Mele Kyari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, has said there is no subsidy payment for imported petroleum products.

绿帽献妻 reports Kyari Monday, October 9, 2023, told State House Correspondents, in Abuja, FCT, perhaps in an attempt to douse the growing tensions over some speculation that a reported rise in landing costs beyond N700 would mean fuel price hike in the country.

Earlier, oil marketers had hinted that the recent increase on landing cost of petrol at N720/litre could compel in upward adjustment in fuel price for consumers.

However, as concerns grow over the likely implications of an increased landing cost of petroleum products in the West African country, Malam Kyari has insisted that there is no subsidy on imported petroleum products in Nigeria.

The NNPCL GCEO declared: “There is no subsidy whatsoever.鈥�

The NNPCL Chief also explained: “We鈥檙e recovering our full cost from the products that we import.

“We sell to the market; we understand why the marketers are unable to import.”

Kyari stated: “We hope that they do this very quickly and these are some of the interventions the government is doing.”

He declared: “There is no subsidy.”

Recall President Bola Ahmed Tinubu, while delivering his inauguration speech Monday, May 29 this year had announced that 鈥渇uel subsidy is gone.鈥�

Subsequently, the Presidential declaration immediately saw petrol pump prices nationwide skyrocketing from below N200 per litre at the time to about N500 and ultimately, up to around N700 per litre in locations, particularly in Lagos.