GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

NNPC Gives Fresh Directive On The Hike In Price Of Petrol

NNPC Gives Fresh Directive On The Hike In Price Of Petrol

Faith Joseph by Faith Joseph
January 11, 2024
in News
Reading Time: 2 mins read
NNPC Gives Fresh Directive On The Hike In Price Of Petrol
22.4k
SHARES
Advertisements

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has sought to ease concerns on Thursday about the surging prices of Premium Motor Spirit, commonly known as petrol.

Kyari stated that the entry of new competitors in the oil sector will inevitably cause a drop in petrol prices, contrasting with the recent trends that have triggered panic across Nigeria.

READ ALSO

International Widows Day: Treat widows with dignity, they’re not properties to be shared- CAN Chairman blows hot

JAMB Fixes Mop-Up Exam for 2025: Over 96,000 Candidates to Participate — See Details

Goldennewsng had earlier reported that the influx of Nigerians at fuel stations was due to the reported removal of the subsidy.

On Wednesday, the NNPC announced an adjustment in the petrol pump price to reflect current market conditions, though it did not provide specific new prices.

Many retail outlets in Lagos, Abuja, Ogun, and other states have since been selling petrol for between N600 and N800.

Negotiations between the Federal Government and organized labour over the subsidy removal came to a standstill on Wednesday, as they could not reach an agreement in light of the petrol pump price hike from N195 to over N700 per litre by oil marketers.

In an interview on Arise TV’s Morning Show, Kyari maintained that the subsidy removal would invite new market players, promoting competition and ending monopolistic practices.

This change, he argued, would lead to a price reduction in petrol across the nation.

Kyari explained, “The beauty of this (subsidy removal) is that there will be new entrants (into the market) because oil marketing companies’ reluctance to come into the market all along is the very fact of the subsidy regime that is in place.”

With the market now being deregulated, Kyari expects to see more competition, even with the NNPC, which legally cannot control more than 30% of the market.

“Competition will definitely come in and the market will regulate the prices itself… you will continue to see different prices because of different approaches from major players, companies have different approaches to it and competition will guide that. Ultimately, you’d see changes downwards and it is very likely because efficiency will come in.”

As to why fuel stations increased their pump prices when they still have already subsidized products in stock, Kyari responded, “This is the reality of the market. It applies to every commodity and not just petroleum. This means that prices in the market can go down at any time and of course, the market will adjust itself.”

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

Charley Boy Supports Tinubu On Fuel Subsidy Removal

Next Post

Best AI Tools To Write Content Without Struggle 2023

Related Posts

International Widows Day: Treat widows with dignity, they’re not properties to be shared- CAN Chairman blows hot

Deputy Chairman, CAN, Rev. Joshua Marcus presenting items to FOMWAN, Women in Dawah ... As WOWICAN donates items to about...

Read moreDetails

JAMB Fixes Mop-Up Exam for 2025: Over 96,000 Candidates to Participate — See Details

JAMB Fixes Mop-Up Exam for 2025

The Joint Admissions and Matriculation Board (JAMB) has officially fixed the date for its 2025 mop-up examination, offering a second...

Read moreDetails

Naira falls to N2,200 

Naira

Naira falls to N2,200  The Nigerian naira has weakened to N2,200 per British pound in the unofficial market, reflecting increased...

Read moreDetails

Federal Government TVET Program for Trainers (₦30,000 Support) – Application Guide

Federal Government TVET Program for Trainers (₦30,000 Support) – Application Guide

Federal Government TVET Program for Trainers (₦30,000 Support) – Application Guide The Federal Government is taking the TVET Initiative a...

Read moreDetails

Direct Link to Apply for FG NPRGS Initiative Poverty Reduction Program

Apply for FG NPRGS Initiative Poverty Reduction Program

If you've been looking for a solid opportunity to upgrade your skills, earn a living, and break free from poverty,...

Read moreDetails

Gov Bago celebrates Vatsa @64

Hon. Jonathan Vatsa ... Says You’re the most dogged, courageous Politician   Niger State Governor, Mohammed Umaru Bago has described...

Read moreDetails

Federal Government LEEP Program 2025 – Apply Now for Skills Training, Job Opportunities & Empowerment

Federal Government LEEP Program 2025 – Apply Now for Skills Training, Job Opportunities & Empowerment

The Federal Government of Nigeria has officially opened applications for the Labour Employment and Empowerment Programme (LEEP) 2025, a national...

Read moreDetails

How to Register for Conditional Cash Transfer in Nigeria (2025 Updated Guide)

How to Register for Conditional Cash Transfer in Nigeria (2025 Updated Guide)

How to Register for Conditional Cash Transfer in Nigeria (2025 Updated Guide)   With millions of Nigerians living below the...

Read moreDetails

FME TVET Application Portal opens for New Applications – Step-by-Step Guide to Apply for TVET Program  Receive ₦45,000 Monthly Stipend

FME TVET Application Portal 2025 – Step-by-step guide to apply for Technical and Vocational Education Training in Nigeria with ₦45,000 monthly stipend"

The FME TVET Application Portal has reopened for new applications, and here is how you can submit yours. The Federal...

Read moreDetails

Call For Applications: Federal Government NIYA Gigs Program 2025 – Earn from Digital Skills as a Nigerian Youth

Young Nigerians learning digital skills for the NiYA Gigs Program 2025

FG Launches NIYA Gigs Program 2025 – Step-by-Step Guide to Apply and Earn from Digital Skills   The Federal Government...

Read moreDetails
Load More
Next Post
Best AI Tools To Write Content Without Struggle 2023

Best AI Tools To Write Content Without Struggle 2023

SEARCH ADS

Latest Posts

FG Opens Portal for Recruitment into Civil Defence, Immigration, Correctional, Fire Services - Apply Now 
Headline

FG Opens Portal for Recruitment into Civil Defence, Immigration, Correctional, Fire Services – Apply Now 

Headline

International Widows Day: Treat widows with dignity, they’re not properties to be shared- CAN Chairman blows hot

Empowering Women, Honoring Elders: Precious Chinweani’s Bold Vision for an Inclusive Africa.
Npower

Empowering Women, Honoring Elders: Precious Chinweani’s Bold Vision for an Inclusive Africa.

RENAISSANCE JV University Scholarship for Nigerians
Education

Call For Applications: NNPC – RENAISSANCE JV University Scholarship For Nigerians

JAMB Fixes Mop-Up Exam for 2025
Education

JAMB Fixes Mop-Up Exam for 2025: Over 96,000 Candidates to Participate — See Details

Naira
Headline

Naira falls to N2,200 

Apply: Nigerian Army CoN ND/HND, Community Nursing Admission for 2025/26
Education

Nigerian Army College of Nursing Admission Form 2025/2026 is Out – Full Application Guide

Federal Government TVET Program for Trainers (₦30,000 Support) – Application Guide
Jobs

Federal Government TVET Program for Trainers (₦30,000 Support) – Application Guide

Apply for FG NPRGS Initiative Poverty Reduction Program
Headline

Direct Link to Apply for FG NPRGS Initiative Poverty Reduction Program

YouthCred Financial Empowerment 2025
Headline

Direct Link to Apply For FG YouthCred Financial Empowerment 2025

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News