NNPC advocates complete fuel subsidy removal

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The Nigerian National Petroleum Corporation on Thursday, maintained that the continued payment of subsidy on petrol was not sustainable and therefore strongly advocated for it?s complete removal. Subsidy is the difference between the Expected Open Market Price of fuel and the actual or retail price that is paid by consumers for the product at petrol stations as regulated by the Department of Petroleum Resources.

Mr. Timothy Okon, The Group Coordinator, Corporate Strategy and Planning, NNPC, explained that fluctuation in the prices of crude oil often creates fiscal instability in the country which in turn impacts negatively on Nigeria?s revenue. This is because government does not control prices of crude oil. It will be recalled that a massive nationwide protests and industrial actions greeted the announcement of complete withdrawal of subsidy on petrol in January 2012.


PS: This article is a summarized version of the original news

Source: http://thesummary.com.ng/index.php/odd-news/item/478-nnpc-advocates-complete-fuel-subsidy-removal