News
Tensions Rise operators peg petrol at N1,200/litre
Bismarck Rewane, CEO of Financial Derivatives Company, clarified on a televised program that the subsidy on petrol was not removed but reduced.
Petrol faces a potential price surge, reaching N1,200/litre, leading to a clash between the Nigerian National Petroleum Company Limited and fuel marketers associated with the Independent Petroleum Marketers Association of Nigeria.
Bismarck Rewane, CEO of Financial Derivatives Company, clarified on a televised program that the subsidy on petrol was not removed but reduced.
Oil marketers argue that, due to the weakening naira and increasing crude oil costs, a free market should see petrol priced at N1,200/litre.
Despite conflicting opinions, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, asserts that the Federal Government has indeed halted petrol subsidy, emphasizing their dedication to national development and energy security.
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