N720 per litre: FG speaks on fuel subsidy return as fuel stations shut down

The Federal Government, through the Nigerian National Petroleum Company Limited, has denied it has reinstated the subsidy on Premium Motor Spirit (PMS), more popularly known as petrol.

This is amidst the widespread closure of petrol stations brought on by several issues in the downstream oil industry.

It added that delays in product transportation from the South to the North were to blame for areas of lines that motorists had noticed in petrol stations around the nation and not a shortage of supplies.

The NNPCL also stated on Monday, October 9, that if President Bola Tinubu had not stopped the subsidy on PMS in May, the company would have declared bankruptcy in June of this year.

Nigeria to export refined products by next year

Punch reported that NNPCL declared that Nigeria will start exporting refined petroleum products by the following year, thanks to efforts to modernise its refineries.

Nigeria has imported PMS and other refined petroleum products throughout the nation through the NNPCL for many years.

Following a meeting with the President at the Aso Rock Villa, Mele Kyari, the Group Chief Executive Officer of NNPCL, he informed State House Correspondents that the gasoline subsidy had not been reimbursed

He stated: "No subsidy whatsoever. We are recovering our full cost from the products that we import. We sell to the market, and we understand why the marketers are unable to import. We hope that they do it very quickly and these are some of the interventions the government is doing. There is no subsidy."

Kyari's claim was made just 48 hours after the Nigerian Petroleum and Natural Gas Senior Staff Association announced the reinstatement of fuel subsidies.