The Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited issued a joint statement refuting claims about the reinstatement of subsidy on Premium Motor Spirit (PMS), commonly known as petrol.
They challenged those making such claims to provide evidence, reiterating that subsidy on petrol was removed by President Bola Tinubu on nhis inauguration day.
The Minister of State for Petroleum Resources,Heineken Lokpobiri (Oil), emphasized the government’s stance on the issue, labeling it as a sensitive matter. He urged individuals alleging the continuation of subsidy to present concrete evidence.
READ ALSO: FG Urged to Invest More in Crude Oil Production to Meet 2.5 Million Barrels Daily Target
In response to queries, Lokpobiri’s media aide, Nneamaka Okafor, shared a video clip wherein the minister reaffirmed the cessation of petrol subsidy. He emphasized the need for factual evidence from those asserting otherwise.
Lokpobiri declined to delve further into the issue, stressing the importance of gathering all pertinent facts. He maintained that subsidy removal by the President remained unchanged. Regarding the current petrol price, Lokpobiri highlighted the government’s responsibility to alleviate burdens on Nigerians across various sectors.
The NNPC echoed similar sentiments, asserting that they recuperate full costs on imported petroleum products and dismissing the existence of petrol subsidy. They emphasized their sole importation of petrol into Nigeria.
Meanwhile, oil marketers supported Nasir El-Rufai’s assertion that the government had resumed subsidizing PMS. They pointed out that without subsidy, petrol prices at filling stations would hover around N900 per litre due to the recent strengthening of the naira against the US dollar.
Presently, petrol prices range between N600 and N700 per litre depending on the location. El-Rufai had disclosed the government’s subsidy reinstatement during a press conference in Maiduguri, emphasizing the necessity of pragmatism in policy implementation.
Responding to El-Rufai’s remarks, the Independent Petroleum Marketers Association of Nigeria backed his claims, attributing the escalating subsidy to fluctuations in the USD exchange rate. They emphasized increased government spending on PMS subsidy during periods of high dollar exchange rates.
