The Nigerian National Petroleum Company Limited (NNPCL) has praised President Bola Tinubu’s announcement about the elimination of gasoline subsidies.
The Group chief executive officer Mele Kyari, noted this in an emergency press conference at the NNPC Towers, Abuja, noting that the move was in the best interest of the company.
In his inaugural speech on Monday, President Tinubu said “No more subsidy”, noting that the 2023 budget made no provision for fuel subsidy.
According to Kyari, the company has been subsidizing the product with a sizable portion of its profits. Though petrol lines have been seen in some parts of the FCT, Kyari argued that there was no need to buy in a panic.
He stated that the corporation was keeping an eye on its supply and distribution networks across the nation and that it had enough merchandise to feed the nation for the following 30 days.
It will be recalled that the immediate past administration of Buhari had in January said it would stop the payment of fuel subsidies by the end of June
Mrs Zainab Ahmed, who was the finance, budget, and national planning minister at the time, revealed that the government had set aside N3.36 trillion for gasoline subsidy payments to cover the first half of this year during the 2023 fiscal period. She said this was in line with the 18-month extension announced in early 2022.
Although Kyari has said the masses should not buy in panic, some petrol station has stopped selling fuel, and hoarding their products while others have raised the price of the product leaving the masses stranded.
Amongst other city, transporters in Port Harcourt have hiked transportation fare, queues in petrol stations has drastically increased while some stations have been deserted. Will the No Subsidy plan go down well for the masses?