Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • About
    • Advertise
    • Contribute
    • Donate
    • Forum
    • Contact
    Login
    InfoStride NewsInfoStride News
    • Home
    • Business
    • Celebrity
    • Crime
    • Nigeria
    • Politics
    • Sports
    • Technology
    • More
      • COVID-19
      • Editor’s Picks
      • Health
      • Opinions
      • Press Releases
      • World
    Subscribe
    InfoStride NewsInfoStride News
    Home»Business Matters»How to end fuel subsidy dilemma, by Kyari.

    How to end fuel subsidy dilemma, by Kyari.

    Business Matters By Temitope N.Jun 11, 2021No Comments2 Mins Read
    Facebook Twitter WhatsApp Pinterest LinkedIn Tumblr Email Reddit VKontakte

    Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has declared that the country can no longer sustain subsidy, insisting that the corporation has been burdened by the fuel subsidy dilemma even without budgetary provisions.

    Mele Kyari 640x360 1
    Mele Kyari

    He made the assertion, yesterday, when he appeared before the Senate Committee on Anticorruption and Financial Crimes to assess the level of implementation of the National Anti-corruption Strategy 2017-2021.

    He, therefore, sought the National Assembly’s support on complete deregulation of Premium Motor Spirit (PMS), otherwise known as petrol.

    “The issue needs the help of not only this committee, but also of the National Assembly to achieve results in ensuring that the price of petrol is not regulated and have a framework that will protect Nigerians from undue exploitation.

    See also  Oil price: Experts dismiss gains as subsidy nears N200bn

    “We know the way to resolve the subsidy issue is to ensure that PMS is fully deregulated. It is a policy issue, which I am also aware that the National Assembly is involved in some of the engagements to make sure that we have a lasting exit.

    “That is the solution to the subsidy dilemma. What is happening now is that NNPC buys the product at a price higher than the N162. We practically discount and sell to marketers, because we can’t shift from the current price to the market price,” he stated.

    He maintained that until that engagement, which must involve all stakeholders, including the National Assembly, adding that once that was completed, there would no longer be issues around it.

    See also  Muhammadu Buhari Says No To Fuel Price Increase

    “In the 2020 and 2021 budgets, there are no provisions for subsidy.

    In 2020, COVID-19 pandemic came and threw a big challenge in the oil industry and prices collapsed to extremely low levels. Countries were not buying crude oil.

    “The reaction of producers community was to reduce production, because the demand was not there so that when the prices normalise we can go. We became part of that relationship and as a country, that was the best decision at the time,” he added.

    He lamented that the #ENDSARS protest also made it impossible to increase prices at the time, because there was opposition to change in fuel price to the extent that there were engagements with organised labour and other groups.

    Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate

    Fuel Subsidy
    Share. Facebook Twitter WhatsApp Pinterest Reddit Tumblr VKontakte Email LinkedIn

    Related Posts

    Five Ways To Analyze The Forex Market

    Dec 22, 2022

    Why FG is investigating Mikano, Jubali Brothers, JMG over generator importation

    Dec 15, 2022

    Food Inflation: Average price of tomato rises 30% in one year – NBS

    Oct 28, 2022

    Governors warn that CBN’s proposed loan recovery from FAAC revenue is “suicidal”

    Oct 22, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Get Social with Us
    • Facebook
    • Twitter 6.5K
    • Pinterest 93
    • Instagram
    • YouTube
    Latest Posts

    Chrissy Teigen Flaunts Her Newly Born Daughter’s Face

    Jan 28, 2023

    Maguire Must Fight For His Place In MUFC’s Team – Erik ten Hag

    Jan 28, 2023

    Learn To Fear Women – Portable

    Jan 28, 2023

    I’m Researching The Profile Of Players That Can Improve MUFC – Erik ten Hag

    Jan 28, 2023

    Subscribe to Updates

    Get the latest breaking news straight into your inbox!

    Random News

    Fans Lambast Tonto dikeh On Instagram

    Jul 23, 2014

    Security Guru Bruce Schneier to Keynote Battelle CyberAuto Challenge

    Jun 23, 2014

    Tech Giants Drive the Agenda at Cloud World Forum

    May 21, 2014

    I Have Nothing To Say On Coutinho – Ernesto Valverde

    Jan 4, 2018

    InfoStride News delivers the latest breaking news, Nigeria news, world news and top stories on business, celebrity, entertainment, politics, sports, technology and more. Experience the best of in-depth coverage, special reports, football highlights, political opinions, crime watch, celebrity gossips etc.

    GooglePlay Store Button

    Support InfoStride News' Credible Journalism

    Credible journalism involves a lot of efforts and money; and can guarantee a fair, accountable and transparent society, including democracy and government. We need your support to continue offering free access to our loyal readers and visitors like you.

    Click here to Donate

    Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • Our Terms
    © 2023 InfoStride News. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Continue with Facebook
    Continue with Google
    Continue with Twitter
    Lost password?